Asia’s naphtha refining profit margin extended losses on Wednesday after underlying prices gained in tandem with crude oil benchmarks, but the fall was limited by tight supplies, market participants said.
The crack traded at about $102 per metric ton over Brent crude in a steady backwardation of $6.25 per ton.
Meanwhile, the Singapore-based trading arm of India’s Haldia Petrochemicals plans to boost its trade volume by 30% to up to 2 million metric tons and double the number of traders in 2026, two industry sources familiar with the matter said.
In the gasoline market, the crack traded firm above $13 per barrel over Brent crude as market balances remained tight, according to traders.
China has issued 8.395 million metric tons of export quotas for gasoline, jet fuel and diesel in its third batch of allowances this year, trade sources said.
INVENTORIES
Light distillate stocks at the Fujairah trading hub plunged to 6.048 million barrels, the lowest level since November 2025, data from S&P Global Commodity Insights showed.
NEWS
– Global commodities traders Vitol and Glencore are expected to make formal bids for Chevron’s 50% stake in Singapore’s second-largest refinery, five people familiar with the matter said.
– Japan’s top power generator JERA is in advanced talks to buy natural gas production assets in the U.S. for around $1.7 billion, people familiar with the matter said, the latest example of the Asian nation investing in America’s energy sector.
SINGAPORE CASH DEALS
Two gasoline trades.
Source: Reuters
