Asia Naphtha prices rise to $952.50/ton in wide backwardation; Shell sees record refining margins
Asia's naphtha prices rose on Wednesday to $952.50 per metric ton, with the price structure remaining widely backwardated at about $22.25 a ton. Shell expects third-quarter refining margins to jump to a record $42 a barrel.
25 a ton. 25 a day earlier. The naphtha crack rose by about $10 to around $194 a ton over Brent crude. Spot premiums for November cargoes stood at around mid-20s a ton, market participants said.
Traders anticipated more activity from Thursday as Chinese traders return from Golden Week holidays. Kuwait Petroleum Corp is due to award its naphtha tender for second-half October delivery on a delivered basis on Wednesday. NAP/TENDA News - Shell expects third-quarter refining margins to jump to $42 a barrel, a record high and sharply above $24 a barrel in the previous quarter, the oil major said on Wednesday, as the Middle East conflict tightened fuel supplies, driving up prices.
- The governing board of the International Energy Agency will hold an informal meeting at 1300 local time on Wednesday to discuss the proposed release of oil and diesel stocks, said two European Union diplomats. Window Trades O/AS No trades. 87 For a list of derivatives prices, including margins, please double click the RICs below. com; )