NEW DELHI: Asia’s naphtha eased to $217.55 a tonne on Tuesday as crude oil benchmarks see-sawed over talks of a potential ban on Russian oil imports by the United States and allies.
Russia is the world’s top exporter of crude and oil products combined, at around 7 million barrels per day, or 7% of global supply, according to the International Energy Agency.
The naphtha crack slipped $13.34 to $217.55 a tonne from yesterday’s close.
Extreme volatility in crude oil markets also sent gasoline profit margin surging to $16.25 a barrel, the strongest level since October 2021, from $12.37 in the last session. Some Asian refineries plan to increase output in May to cash in on high prices for gasoil exports to Europe, even as the steepest crude prices for 14 years threaten profit margins, numerous trade sources said.
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