NEW DELHI: Asia’s naphtha crack gathered some steam on Monday, ending a seven-day losing run, while the prompt inter-month spread widened in continuo for a second consecutive session.
The crack climbed to $111.30 per tonne from $107.83 on Friday. The spread between first-half October and November was at $1.75 a tonne in contango, its lowest since December 2020.
In physical markets, there were two naphtha deals. Total and
BP bought a first-half November-loading cargo each.
Asian gasoline crack, on the other hand, extended losses on Monday for a third straight session as pandemic-triggered mobility curbs continued to weigh on market sentiment. The crack fell to $7.30 a barrel, hitting a near two-month low, from $7.41 on Friday.
“In Asia, large parts of the population are still immunologically susceptible, keeping further waves a big societal risk, with knock-on effects on the economy and oil demand,” Vortexa said in a research note.
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