Asia’s naphtha crack strengthens further

SINGAPORE: Asia’s naphtha crack rose on Tuesday for a second straight session, while the gasoline crack dipped after a brief rebound.

The naphtha crack was at $101.4 per tonne, compared with $99.7 per tonne a day earlier.

Asia’s gasoline crack fell to $6.32 per barrel, from $6.46 per barrel on Monday.

Oil prices rose for a third day on Tuesday, holding around one-week highs after jumping more than 3% the previous session as investors tempered previous expectations of an early return of oil exporter Iran to international crude markets.

Taiwan’s Formosa Petrochemical Corp is restarting its No. 3 crude distillation unit on Tuesday after a brief outage last week, the company’s spokesman told Reuters.