AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 132.66 Increased By ▲ 3.13 (2.42%)
BOP 6.89 Increased By ▲ 0.21 (3.14%)
CNERGY 4.57 Decreased By ▼ -0.06 (-1.3%)
DCL 8.92 Decreased By ▼ -0.02 (-0.22%)
DFML 42.75 Increased By ▲ 1.06 (2.54%)
DGKC 84.00 Increased By ▲ 0.23 (0.27%)
FCCL 32.90 Increased By ▲ 0.13 (0.4%)
FFBL 77.06 Increased By ▲ 1.59 (2.11%)
FFL 12.20 Increased By ▲ 0.73 (6.36%)
HUBC 110.01 Decreased By ▼ -0.54 (-0.49%)
HUMNL 14.40 Decreased By ▼ -0.16 (-1.1%)
KEL 5.53 Increased By ▲ 0.14 (2.6%)
KOSM 8.32 Decreased By ▼ -0.08 (-0.95%)
MLCF 39.67 Decreased By ▼ -0.12 (-0.3%)
NBP 65.50 Increased By ▲ 5.21 (8.64%)
OGDC 198.74 Decreased By ▼ -0.92 (-0.46%)
PAEL 26.00 Decreased By ▼ -0.65 (-2.44%)
PIBTL 7.62 Decreased By ▼ -0.04 (-0.52%)
PPL 159.00 Increased By ▲ 1.08 (0.68%)
PRL 26.24 Decreased By ▼ -0.49 (-1.83%)
PTC 18.35 Decreased By ▼ -0.11 (-0.6%)
SEARL 82.24 Decreased By ▼ -0.20 (-0.24%)
TELE 8.12 Decreased By ▼ -0.19 (-2.29%)
TOMCL 34.40 Decreased By ▼ -0.11 (-0.32%)
TPLP 8.98 Decreased By ▼ -0.08 (-0.88%)
TREET 16.88 Decreased By ▼ -0.59 (-3.38%)
TRG 59.49 Decreased By ▼ -1.83 (-2.98%)
UNITY 27.52 Increased By ▲ 0.09 (0.33%)
WTL 1.40 Increased By ▲ 0.02 (1.45%)
BR100 10,614 Increased By 206.9 (1.99%)
BR30 31,874 Increased By 160.5 (0.51%)
KSE100 98,972 Increased By 1644 (1.69%)
KSE30 30,784 Increased By 591.7 (1.96%)

SINGAPORE: Asia’s naphtha market held steady on Thursday while gasoline crack edged down after Singapore inventories rose.

Taiwanese refiner Formosa Petrochemical has started talks on Thursday to buy light and heavy naphtha for second-half April delivery.

Formosa’s tender comes after YNCC bought at least five cargoes on Wednesday at steady to higher premiums from first half April.

Gasoline crack edged down after data from Enterprise Singapore showed light distillates stocks in the city state rose 419,000 barrels to a four-week high of 15.907 million barrels in the week to March 3.

Asia’s gasoline margins have been boosted by refinery outages in US Texas in February. The severe winter storm caused US gasoline stocks to fall by a record 13.6 million barrels last week to 243.5 million barrels, compared with expectations for a 2.3 million-barrel drop, data from Energy Information Administration showed.

As US refineries resume operations, consultancy FGE expects Asian gasoline cracks to Dubai, which touched a year’s high at $7.20 a barrel on March 1, to correct in coming weeks.

The cracks are expected to stay around $6 a barrel until June on support from recovering demand in Asia and refinery maintenance, FGE analyst Sri Paravaikkarasu wrote in a note.

“Looking ahead, the release of pent-up driving demand during peak summer season in both Asia and the Atlantic Basin will send Singapore gasoline cracks over $7.0/bbl levels in 3Q,” she added.?

OPEC and its allies in will decide on Thursday whether to freeze oil output or raise it slightly from April as a recent price rally is clouded by concern over the fragility of economic recovery during the COVID-19 pandemic. The Intercontinental Exchange is looking to run two types of Dated Brent contracts after June 2022 following pricing agency Platts’ announcement of a major change to its global oil benchmark, a circular from the exchange showed.—Reuters

Comments

Comments are closed.