A handful of buyers were also back in the market following talks of lower China-origin exports in February, with current estimates at below 500,000 tonnes from several China-based trading sources.
Separately, naphtha cracks fell by more than $20 per tonne, reversing the prior uptrend, as physical prices weakened on talks of limited demand from the gasoline blending sector, given the narrowing naphtha-gasoline spread.
Other blendstocks such as mixed aromatics were more attractive from a cost perspective, one blendstocks trader said. This was despite prompt demand from the petrochemical sectors remaining present for second-half March loading.
SINGAPORE CASH DEALS - No naphtha deals, one gasoline deal.
REFINERY MAINTENANCE - India's Mangalore Refinery and Petrochemicals Ltd (MRPL) will shut its Phase-3 units for planned maintenance from mid-August until end of September, its managing director told Reuters on Tuesday. The refiner's Phase-3 project comprises a 60,000-bpd crude unit and some secondary units. NEWS - Oil prices rose for a second straight session on Tuesday, driven by optimism about recovering demand in China, and concerns over supply shortages following the shutdown of a major export terminal after an earthquake in Turkey. - A national strike against planned pension reforms reduced France's power supply and disrupted petrol deliveries from French refineries on Tuesday. On the refining side, the shipping of petrol products from French sites was interrupted by the strike, TotalEnergies said. The company added that there was no shortage of petrol at fueling stations and supply levels were generally satisfactory. - Turkey's Ceyhan port was ready to resume Iraqi crude oil loadings from storage on Tuesday, but bad weather was preventing vessels from berthing, a trade source with direct knowledge said. Meanwhile, Iraq's crude oil pipeline to Turkey's Ceyhan port was still halted, the Kurdistan Regional Government's (KRG) energy ministry (MNR) said. INVENTORIES
- U.S. crude oil and gasoline stockpiles likely increased
last week, while distillate inventories were seen dipping, a
preliminary Reuters poll showed on Monday. Analysts estimated
that stockpiles of gasoline rose by about 1.4
million barrels last week. PRICES
CASH ($/T) ASIA CLOSE Change % Change Prev Close RIC
OSN Naphtha CFR Japan M1 699.50 -6.75 -0.96 706.25 OSN Naphtha CFR Japan M2 688.50 -6.75 -0.97 695.25 OSN Naphtha Diff 11.00 0.00 0.00 11.00 <NAF-TYO-DIF
>
Naphtha Netback FOB Sing 75.72 -0.75 -0.98 76.47 Naphtha Diff FOB Sing 0.40 0.00 0.00 0.40 <NAF-SIN-DIF
>
Naphtha-Brent Crack 79.25 -23.48 -22.86 102.73 <NAF-SIN-CRK
>
Gasoline 97 101.54 4.42 4.55 97.12 Gasoline 95 99.79 4.42 4.63 95.37 Gasoline 92 96.61 4.42 4.79 92.19 Gasoline crack 13.91 2.19 18.69 11.72 <GL92-SIN-CR
K>
For a list of derivatives prices, including margins, please
double click the RICs below.
Brent M1 Naphtha CFR Japan M1 <NACFRJPSWMc1
>
Naphtha CFR Japan M1/M2 <NACFRJPSDMc1
>
Naphtha CFR Japan M2 <NACFRJPSWMc2
>
Naphtha Japan-Sing Netback <NAPTC4SPDMc1
M1 >
Naphtha Japan-Sing Netback <NAPTC4SPDMc2
M2 >
Naphtha FOB Sing M1 <NAFOBSGSWMc1
>
Naphtha FOB Sing M1/M2 <NAFOBSGSDMc1
>
Naphtha FOB Sing M2 <NAFOBSGSWMc2
>
Naphtha Cracks M1 <NACFRJPCKMc1
>
East-West Naphtha M1 East-West Naphtha M2 NWE Naphtha M1 NWE Naphtha M1/M2 <NAPCNWEASMc1
>
NWE Naphtha M2 Crack NWE Naphtha-Brent M1 <NAPCNWEACMc1
>
Crack NWE Naphtha-Brent M2 <NAPCNWEACMc2
>
*Sing refers to Singapore
(Reporting by Trixie Yap; Editing by Maju Samuel)
