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Asia Naphtha/Gasoline-Naphtha crack falls as Fujairah stocks rise

Asia’s naphtha refining profit margin declined on Wednesday after inventories at the key trading hub of Fujairah rose to a two-week high.

The crack fell by about $2 to $76.65 per metric ton over Brent crude. The price of first-half May naphtha declined by about $10 to $717.25 per ton in a backwardation of $13 a ton.
Recent spike in naphtha prices has dented prompt demand, market participants said.

Meanwhile, the gasoline crack rose above $14 per barrel over Brent crude on Wednesday on hopes of firm demand.

NEWS

– Oil prices fell for a second day, dropping more than 1% on Wednesday on surging U.S. stockpiles and signs that the OPEC+ producer group is unlikely to change its output policy at a technical meeting next week.

– PetroChina last year imported from Russia 40 million metric tons of crude oil and 22.7 billion cubic meters of natural gas, company president Huang Yongzhang said.

SINGAPORE CASH DEALS

One gasoline trade, no naphtha deals.
Source: Reuters (Reporting by Mohi Narayan; Editing by Mrigank Dhaniwala)

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