Asia Naphtha/Gasoline-Naphtha margin rises, gasoline little changed

NEW DELHI, Feb 23 (Reuters) - Asia's naphtha refining profit margin gained on Monday after crude oil benchmarks weakened, but the upside was capped by persisting subdued demand.

The crack rose by about $7 to $90.73 per metric ton over Brent crude. The backwardation between first-half April and first-half May cargoes widened to $12 a barrel.

In the spot market, Qatar Energy was heard to have sold two cargoes of around 75,000 tons each last week at a premium between $30 and $35 per ton to Japan quotes, market participants said.

In the gasoline market, the refining margin was steady at about $6 per barrel over Brent crude on Monday.

NEWS

- Oil prices fell over 1% on Monday as the U.S. and Iran prepared for a third round of nuclear talks, easing fears of an escalating conflict, while President Donald Trump's fresh tariff hikes created uncertainty for global growth and fuel demand. O/R

- State energy major Saudi Aramco has sold several cargoes of ultra light crude oil from its $100 billion Jafurah gas plant to U.S. majors and an Indian refiner as it prepares to export its first cargo later this month, four trade sources said.

SINGAPORE CASH DEALS O/AS

One naphtha and one gasoline deal.

PRICES