SINGAPORE: Asia's naphtha crack eased 2% to a two-session low of $72.48 a tonne while gasoline margin hit a five-session low of $2.53 a barrel, weighed down by firm raw material Brent crude price.
Demand for naphtha was strong as a string of buyers were replenishing inventories.
South Korea's Hanwha Total was looking to buy naphtha for first-half October delivery but results were not immediately clear. YNCC, LG Chem and Lotte Chemical had recently locked in cargoes for first-half October delivery at discounts of about $1 a tonne to Japan quotes on a cost-and-freight (C&F) basis. Hanwha Total also has a tender seeking 2021 naphtha but of heavy full-range grade.
Bahrain sold a naphtha cargo for late August loading late last week for end-August loading at premiums of $6 to $8 a tonne to Middle East quotes on a free-on-board (FOB) basis.
This brings the total exports for August from Bahrain to around 150,000 tonnes, highest monthly volume for this year. WEPEC has on Monday sold up to 36,000 tonnes of gasoline for Sept. 20-22 loading at discounts of about 90 cents a barrel to Singapore quotes on a FOB basis.
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