Asia’s naphtha prices declined to Monday in tandem with weakness in crude oil benchmarks, although demand for South Korean buyers remained firm.

The price for second-half October cargo declined by $6 to $598 per ton. The refining profit margin was down to $89.95 per ton over Brent crude, compared with $92.13 a day earlier.

South Korean buyers have been actively snapping up spot cargoes ahead of planned maintenance at some Daesan crackers in October and November, market sources said.

On the supply side, planned maintenance at Middle East refineries is expected to tighten balance for naphtha, supporting prices in the region, they added. Middle East is the top naphtha supplier to Asia.

NEWS

– Oil prices edged up on Monday as worries about rising output and the impact on demand from U.S. tariffs offset supply disruptions stemming from intensified Russia-Ukraine airstrikes and pressure from a weaker dollar.
– India’s top court dismissed a petition challenging the government’s move to roll out 20% ethanol-blended fuel in vehicles across the country.

SINGAPORE CASH DEALS

One gasoline and one naphtha trades.
Source: Reuters