Asia’s naphtha refining profit margin rose on Tuesday amid expectations of lower supplies from Russia due to repeated attacks on its energy infrastructure.

The crack rose by $3.53 to $100.38 per metric ton over Brent crude. The backwardation between second-half January and second-half February naphtha prices stood at $8 a ton.

In the gasoline market, the crack zoomed to $17.20 per barrel over Brent crude on Tuesday from $16.13 a day earlier.

Traders and analysts said lower exports from China and South Korea remain the key tailwind for the gasoline market amid regional outages.

NEWS

– Russia’s seaborne diesel and gasoil exports rose 3% in November from October to about 2.37 million metric tons despite recent U.S. sanctions and infrastructure damage caused by drone attacks, data from market sources and LSEG showed.

– Global commodity trading house Gunvor’s CEO Torbjorn Tornqvist will step down and sell his shareholding in a management buyout, weeks after the U.S. dubbed the firm the “Kremlin’s puppet” over its past Russian links.

SINGAPORE CASH DEALS

Two naphtha trades.
Source: Reuters