Asia oil product swaps prices extended their losses on Tuesday, in tandem with weaker crude futures, while naphtha's premium against crude futures edged up closer to its record-high. Prompt-month June naphtha swaps steadied at $77.50 a barrel, and the June/July backwardation stood at 60 cents.
Front-month June gas oil swaps fell by 80 cents to $81.90 a barrel, while the June/July backwardation extended by 5 cents to 50 cents from the previous session.
June gas oil's crack over Middle East Dubai crude weakened by 44 cents to $15.95 a barrel. As gas oil values weakened further, the regrade - jet fuel's premium to gas oil - strengthened by 20 cents to 80 cents. Front-month June fuel oil dipped by 38 cents to $346.00 a tonne, while the June/July spread narrowed by 25 cents to parity from late Monday.
The June fuel oil crack recovered by 25 cents to minus $13.15, as traders said there were signs Chinese demand was picking up. Some 180,000 tonnes of enquiries for June-delivery cracked Chinese-specification 180-cst were seen in the market, following import tax cuts. ICE July Brent recovered by 22 cents to $69.93 a barrel as of 0543 GMT after settling 98 cents lower on Monday.
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