Asia’s naphtha refining profit margin remained under pressure as of Tuesday, while gasoline market discussions stayed thin.

The naphtha crack fell day-on-day to $52 per metric ton over Brent crude, holding near a year’s low.

Meanwhile, gasoline crack hovered near $8 per barrel, largely stable in thin spot window activity.

NEWS

– Oil prices declined for a third consecutive session on Tuesday on concerns the brewing trade war between major crude consumers the United States and the European Union will curb fuel demand growth by reducing economic activity.

– A tanker chartered by energy major BP left a port run by newly sanctioned Indian refiner Nayara Energy without loading, according to five industry sources and LSEG shipping data, a sign fresh European Union curbs on Russia are beginning to bite.

– U.S. gasoline prices could fall below $3 a gallon this summer for the first time in over four years as a stretch of bad weather events dampens fuel demand and a jump in imports fills inventories.

SINGAPORE CASH DEALS

No trade.
Source: Reuters