NEW DELHI: Asia’s naphtha refining profit margin dropped on Thursday as stocks at key trading hub Singapore climbed and weakening prices of alternative feedstock liquefied petroleum gas soured demand sentiment.
The naphtha crack slipped by $7.42 to $45.93 a tonne over Brent crude.
Singapore shipped in about 71,401 tonnes of Russian naphtha in the week to Wednesday, government data showed, up from none in the prior week. Total light distillate inventories rose by 982,000 barrels to around 16 million barrels, the data showed.
In physical markets, there were no deals for both the products. There was just one offer for naphtha without any bids.
Meanwhile, the gasoline crack was steady at $14.79 a barrel on Thursday.
Russia boosted gasoline exports by nearly 50% year-on-year in the first quarter, shipping cargoes directly to Africa as it carved out new trade routes after the European Union sanctioned Russian oil, ship tracking data showed.
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