Asia’s naphtha activity on the spot trading window picked up, with a deal surfacing after nearly two weeks, though off-screen, a handful of buyers had completed their February purchases.

Meanwhile, some traders were eyeing the issuance of China’s naphtha import quotas for next year to see how demand will pan out.

Naphtha refining margins inched down slightly to around $78 per metric ton.

Gasoline market activity on the trading window slowed slightly ahead of the holidays.

Margins continued to extend losses to $10.90 a barrel, nearing a three-month low, amid firmer crude futures and overall thinner spot trading liquidity for most refined products in general.

NEWS

– Discounts for Russian ESPO Blend crude loading in January have widened to a record $7 to $8 per barrel versus ICE Brent upon delivery in Chinese ports, three traders said on Tuesday, as Western sanctions pressure weighs on the grade.

– Bahrain’s sole oil refiner BAPCO Energies has shipped out its first diesel cargo to Australia in nearly 2-1/2 years, data from shiptrackers and three trade sources showed, as it ramps up production and exports amid a capacity expansion.
– The U.S. Coast Guard is waiting for additional forces to arrive before potentially attempting to board and seize a Venezuela-linked oil tanker it has been pursuing since Sunday, a U.S. official and a source familiar with the matter told Reuters.
– Venezuela’s state-run oil company PDVSA has started filling tankers with crude and fuel oil and keeping them in Venezuelan waters, as inventories have mounted due to the U.S. seizing Venezuela-linked ships at sea, according to company documents and shipping data.

SINGAPORE CASH DEALS

– One gasoline deal, one naphtha deal
Source: Reuters