Asia’s naphtha markets weakened on Tuesday after crude oil benchmarks inched higher, boosting prices of the product in tandem.
The crack slipped by about $3 to $101.23 per metric ton over Brent crude in a steady backwardation of $15 per ton. The second-half April naphtha price rose $1.50 to $722 per ton.
At the deals window, there were no trades for naphtha, while energy trader Vitol bought the higher 95-octane grade of gasoline, market participants said.
Meanwhile, oil tanker manager Hafnia said it is investigating an accident involving its vessel Hafnia Seine, which hit a single point mooring (SPM) buoy at India’s Sikka port on Sunday.
The tanker was carrying alkylate for Reliance Industries’ U.S. unit from a refinery in Jamnagar in Gujarat state.
NEWS
– Ukraine pounded targets across Russia on Tuesday with at least 25 drones and nine rockets, in a sweeping attack that one Russian official said had triggered a fire at a major refinery in the world’s second-largest oil exporter.
– Kuwait raised the official selling price (OSP) for Kuwait Export Crude to Asia in April by 30 cents from the previous month to 55 cents a barrel above the average of Oman/Dubai quotes, a price document reviewed by Reuters showed on Tuesday.
SINGAPORE CASH DEALS O/AS
One gasoline trade, no naphtha deals.
Source: Reuters (Reporting by Mohi Narayan; Editing by Sohini Goswami)
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