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Asia Naphtha/Gasoline-Naphtha margin rises, ARA stocks fall

Asia’s naphtha refining profit margin gained on Friday after Ukrainian drone attacks set fire to a Russian oil refinery at Tuapse on the Black sea.

The crack rose by about $7 to %56.73 per metric ton over Brent crude in a backwardation of $8.50 per ton. The price for first-half July naphtha rose by $11 to $683.50 a ton.

The fire at the Tuapse refinery was extinguished, Russian authorities said. The extent of damage was not clear. The refinery had undergone several months of repairs, completed only at the end of April, after a previous fire in January.

Meanwhile, South Korea’s Hyundai Oilbank has made a slight reduction to crude runs at its Seosan refinery site after a minor fire, a company official said on Friday.

The operation rate was reduced temporarily to about 87% of normal levels, the official said, adding that normal operations are expected to resume early next week.

INVENTORIES

Naphtha stocks at the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub fell to 544,000 tons in the week to Thursday, from 575,000 tons in the prior week.

NEWS

– Urals crude discounts to Brent narrowed amid softening freight rates for key routes from Russia’s western ports to Asia, while outright prices for the grade dip in line with the global oil market, traders said and Reuters calculations showed on Friday.

– Oil prices steadied on Friday, with global benchmark Brent set for its first weekly gain in three weeks as economic indicators from big consumers China and the United States bolstered hopes for higher demand.

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Source: Reuters (Reporting by Mohi Narayan; Editing by Shounak Dasgupta)

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