NEW DELHI: Asia’s naphtha markets declined on the first trading day of May amid thin trading due to public holidays this week and tepid demand for the feedstock from petrochemical crackers.
The refining profit margin for naphtha dropped by about $9 to $39.85 a tonne, and the second-half June naphtha traded $4 higher than the following month.
On the supply side, exports from India, a key naphtha supplier in the region, dropped to 265,000 tonnes in April, from 536,000 tonnes in March, data from Kpler showed.
The gasoline margin, on the other hand, was steady amid weak demand from top importer Indonesia and as market participants sought clarity over China’s export quotas for the fuel, traders said.
PetroChina’s Harbin refinery will shut down its whole plant for 50 days of planned maintenance, starting from May 5, the refinery said in a statement on social media.
Oil prices fell in Asian trade on Tuesday, extending losses seen in the previous session, as weak economic data from China and expectations of a US interest rate increase weigh on the market.
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