Asia’s naphtha and gasoline refining profit margins were steady on Wednesday in the absence of deals at the window.

The naphtha crack traded at $74.10 per metric ton over Brent crude in a steady backwardation of $8.75 per ton, while the first-half August naphtha price fell by $7.75 to $585 per ton.

In the spot market, Maruzen Chemicals and Lotte Chemical were heard snapping up first-half August cargoes in mid-single digit premiums, market sources said.

In the gasoline market, margins were steady above $11 per barrel over Brent crude on Wednesday.

Meanwhile, light distillates stocks at the Fujairah trading hub shrank by 1.332 million barrels to the lowest level since March 3 at 6.738 million barrels in the week to June 23, S&P Global Commodity Insights data showed.

NEWS

– Oil prices climbed more than 1% on Wednesday as investors assessed the stability of a ceasefire between Iran and Israel, while support also came from data that showed U.S. demand was relatively strong.

– U.S. President Donald Trump said on Tuesday that China could continue to purchase Iranian oil after Israel and Iran agreed to a ceasefire, a move that the White House clarified did not indicate a relaxation of U.S. sanctions.

SINGAPORE CASH DEALS

No trades.
Source: Reuters