SINGAPORE: Asia's naphtha crack snapped three consecutive sessions of declines after rising to $57.75 a tonne on Tuesday, lifting the refining margin away from Monday's near two-week low.
Naphtha cracks have been pressured by slow spot demand since the end of the previous week as well as expectations of ample arbitrage supplies over the coming months.
NAPHTHA TENDERS
- India's Mangalore Refinery and Petrochemicals Ltd (MRPL) is offering 35,000 tonnes of naphtha for July 21-23 loading from New Mangalore on a free-on-board (FOB) basis in a tender closing on June 28 with next validity.
- MRPL in the previous week sold 35,000 tonnes of naphtha for loading on July 14-16 at $11 a tonne above Middle East quotes to Gunvor. The premium is $3.50 lower than its previous deal for an early July loader.
GASOLINE
- Asia's gasoline crack also edged higher to $8.90 a barrel, slightly up from Monday's two-session low of $8.88 a barrel.
- Industry sources said gasoline refining margins have been weighed down by concerns of weak demand for the fuel as well as ample stocks in the United States.
- A total of 400,000 barrels of gasoline traded in the Platts window on Tuesday, the most in at least a month, data compiled by Reuters showed.
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GASOLINE TENDERS
- MRPL is seeking 25,000 tonnes of reformate in a tender closing on June 28 with next day validity. The delivery periods for the gasoline blendstock are scheduled for July 21-23 on an FOB basis, or later on Aug. 1-10 on a cost-and-freight (CFR) basis.
SINGAPORE CASH DEALS: 10 deals, of which eight were on gasoline and two on naphtha.
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