NEW DELHI: Asia’s naphtha crack fell on Tuesday for a second straight day on concerns of subdued demand from petrochemical units.
The refining profit margin fell to $154.73 a tonne, down 85 cents from the previous close.
“We see some 200,000 tonnes of Asian monthly ethylene production returning from maintenance in January, in turn promising to bolster already high regional stocks,” consultancy JBC Energy said in a note.
The outlook for petrochemicals demand appears muted, hence Asian steam cracking margins are likely to see limited upside in the near term, the consultancy added.
On the other hand, the gasoline margin traded steadily over $11 a barrel for a third consecutive session as market players remained on tenterhooks over Omicron-related consumption worries.
Taiwan’s Formosa Petrochemical Corp, a major fuel exporter in Asia, plans to shut three refining units from March 1 for extensive maintenance, spokesman KY Lin said.