SINGAPORE: Asia's naphtha crack extended gains to reach its highest since Jan. 8, 2016, at $119.35 a tonne on Wednesday as a string of demand has soaked up supplies.
- Taiwan's Formosa, Asia's top naphtha importer, bought between 100,000 tonnes and 150,000 tonnes for Dec. 11-25 arrival in Mailiao at premiums of about $6 a tonne to its own price formula on a cost-and-freight (C&F) basis.
- This was the highest premium it had paid in about 2-1/2 years.
- Buyers have been quick to snap up cargoes recently.
TENDERS: India's Oil & Natural Gas Corp (ONGC) sold to BP 30,000 tonnes of naphtha for Nov. 7-8 loading from Hazira at premiums of about $9 a tonne to Middle East quotes free on board (FOB).
- This was higher than a cargo ONGC sold to Vitol for July loading out of Hazira.
- ONGC did not sell any naphtha loading between August and October from Hazira.
- Separately, it was unclear if Reliance sold a cargo for late-November loading from Sikka, but traders said the refiner was targeting a premium of at least $16 a tonne to Middle East quotes FOB.
- It previously sold a cargo for Nov. 20-22 loading from Sikka to Shell at $16 a tonne premium.
- India's Bharat Petroleum Corp (BPCL) offered 25,000 tonnes of naphtha for Nov. 19-21 loading from Mumbai through a tender closing on Nov. 3.
- It had recently withdrawn a tender to sell naphtha from Kochi.
- Bangladesh Petroleum Corp (BPC) issued a tender to import up to 1.27 million tonnes of refined oil products for the first half of 2018. Of these, 30,000 tonnes would be gasoline.
GASOLINE: Asia's gasoline recovered to a two-week high of $10.33 a barrel after dropping to a 3-1/2 month low in the previous session.
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