SINGAPORE: Asia's naphtha crack rose for the fifth straight session on Tuesday to reach slightly over a three-month high of $80.05 a tonne while gasoline crack was at seventh-session high of $11.49 a barrel supported by a refinery outage in the Netherlands.
- Most of the units at the 404,000 barrels per day Pernis oil refinery in Rotterdam operated by Royal Dutch Shell were shut following a power supply fire.
- "Shell Pernis is a catalyst behind the stronger market," said a Singapore-based trader.
NAPHTHA TENDERS: Taiwan's CPC bought full-range naphtha for September arrival at a premium of about $1 a tonne to Japan quotes on a cost-and-freight (C&F) basis.
- Spot prices in South Korea, Asia's top naphtha importer by volumes, were in discounts last month for cargoes scheduled for first half August to first-half September delivery.
STOCK LEVELS: Analysts forecast that stockpiles of US gasoline USOILG-ECI declined 1.1 million barrels in the week ended July 28, a preliminary Reuters poll showed on Monday.
OTHER NEWS: Indian refiners are outperforming their competitors in South Korea and Thailand as they have ramped up output from new fuel and chemical capacities to meet rising domestic demand.
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