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Naphtha margin rises for a fourth straight day

Asia's naphtha refining margin extended gains for a fourth session on Thursday, buoyed by persisting buying interest from China and weakness in crude oil benchmarks.The crack rose by about $17 to $138.40 per metric ton over Brent crude. The backwardation between second-half August and second-half S…

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Futures

Churning chips

By Mike DolanWhat matters in U.S. and global markets todayBy Mike Dolan, Editor-at-Large, Finance and MarketsThe U.S. jobs report will clearly dominate the day ahead for markets, but there's been a hefty pullback in red-hot chip stocks around the world as the second half of the year gets underway.G…

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index
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Commercial swaps of frozen assets do not pose systemic risks, Russia's cbank governor says

Commercial swaps of assets mutually frozen in the EU and Russia, organized by private brokers, do not have a systemic impact on the domestic market, the central bank's governor Elvira Nabiullina said on Thursday.Nabiullina added that such swaps do not significantly reduce the total amount of frozen…

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Economy
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Russia's central bank says higher gasoline imports won't weaken rouble

Russia's need to import more gasoline after Ukrainian drone attacks on refineries will not weaken the rouble because exports of surplus crude oil will also increase, a top central bank official said on Thursday.Russia has begun importing gasoline by sea from India and plans to import 400,000 metric…

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EconomyForex
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Markets soften further; HSFO contango widens

Asia's fuel oil markets weakened further on Thursday, led by bearish upstream sentiment across the broader barrel after the U.S. and Iran concluded talks in Doha, Qatar.The market structure for 380-cst high sulphur fuel oil (HSFO) sank into a deeper contango at the prompt months, data from market s…

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Futures
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Hungary to launch $128 million school-start benefit scheme

Hungary will launch a means-tested school-start benefit program at a cost of 40 billion forints ($128.41 million) per year, Prime Minister Peter Magyar said on Thursday, adding new spending after a surge in the budget deficit in early 2026.Magyar, who ousted right-wing leader Viktor Orban in an Apr…

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Economy