NEW DELHI: Asia’s naphtha refining profit margin was down slightly on Monday after rising about 16% last week, although trade remained active for a third straight session.
The crack slipped by $1.30 to $17.70 a tonne over Brent crude oil. The price of first-half July naphtha rose to $598.50, but it traded 50 cents cheaper than the following month in contango structure.
In physical, Sietco, the international trading arm of Shell, sold 25,000 tonnes of naphtha for the third consecutive day to BP for first-half August delivery, a market participant said.
Meanwhile, Total bought 100,000 barrels of benchmark-grade of gasoline. The refining profit margin for motor fuel declined to $10.56 a barrel over Brent crude.
Bangladesh’s BPC sought 60,000-80,000 tonnes of 95-octane grade of gasoline for July-December period, the company said in a tender notice on its website.
PetroChina’s Lanzhou refinery will shut down its whole plant for two-months of planned maintenance, starting from June 10, the refinery said in a statement on social media.
Oil prices were steady on Monday after US leaders reached a tentative debt ceiling deal, possibly averting a default in the world’s largest economy and oil consumer, but concerns about further interest rate hikes capped gains.
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