Asia Naphtha/Gasoline-Naphtha crack rises after Brent falls

Asia’s naphtha refining profit margin gained on Monday after price for second-half September cargo fell by about $16 in tandem with weakness in Brent crude prices.

The crack rose about $15 to $88.88 per metric ton over Brent crude, from $$73.65 on Friday.

In tenders, QatarEnergy sold 51,000 tons of naphtha for August delivery, traders said. South Korea’s YNCC was heard seeking 50,000 tons first-half or second-half September naphtha, they added.

Gasoline’s refining profit margin plunged on Monday amid a lack of trades at the window despite several bids and offers for the benchmark-grade of fuel.

The crack fell to $6.90 per barrel over Brent crude from $8.22 on Friday.

In tenders, Pakistan State Oil sought 92-octane grade of gasoline for loading-during the Sept. 21-28, the company said in a tender document.

Taiwan’s CPC sought 250,000 barrels of the 95-octane grade of gasoline for August, the company said on its website. India’s MRPL sold reformate to energy trader ENOC for Aug. 18-20 and Aug. 27-28 loading, market sources said.
Source: Reuters (Reporting by Haridas and Mohi Narayan; Editing by Mrigank Dhaniwala)