Asia’s naphtha markets rose on Monday after crude oil benchmarks extended losses and prices of the product eased slightly.
The crack gained about $9 to $104.08 per metric ton over Brent crude in backwardation of $15 per ton.
At the window, there were no trades for both naphtha and gasoline.
There is an increase in spot activity in the recent weeks with South Korean and Japanese players buying April on-spec naphtha, traders and analysts said.
However, demand for naphtha is still being hit by cheaper propane and butane usage by Taiwanese swing crackers, they added.
NEWS
– Saudi Aramco plans to meet full contractual crude oil volumes to most Asian buyers in April, but will reduce supply of heavier oil to Chinese and Indian customers due to oilfield maintenance, five sources with knowledge of the matter said on Monday.
– EQT Corp has decided to buy back its former unit Equitrans Midstream in an all-stock deal to create an integrated natural gas provider valued at more than $35 billion, the companies said on Monday.
Source: Reuters (Reporting by Mohi Narayan; Editing by Shailesh Kuber)
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