SINGAPORE: Asia's naphtha crack rose for the third straight session on Thursday to reach $59.43 a tonne, making this the highest front-month value since May 23 as recent strong demand helped soaked up supplies.
NAPHTHA TENDERS: India's Essar Oil has sold up to 35,000 tonnes of naphtha for June 25-29 loading from Vadinar at a high single-digit premium to Middle East quotes on a free-on-board (FOB) basis.
- This was down from the $13 a tonne it had received previously for a May cargo sold to Trafigura.
- Indian exports have been higher than expected with the country having shipped a total of about 3 million tonnes for the first four months of this year versus 2.4 million tonnes for the same period last year, official data showed.
GASOLINE: Asia's gasoline crack held at $10.69 a barrel, unchanged from the previous session where the value was at a five-week high.
Singapore's light distillates stocks, which comprise mostly gasoline and blending components for petrol, fell nearly 6 percent to 11.89 million barrels in the week to May 31, lowest in over six months, official data showed.
- The fall in stock levels is in line with expectations of lower US gasoline inventories, where an extended Reuters poll showed analysts were anticipating a 1.1 million barrels draw last week.
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