NEW DELHI: Asia’s naphtha crack recouped losses on Friday, posting a weekly gain after data showed a decline in European stocks.
The crack rose to $125.35 a tonne from $119 in the previous session, while the prompt inter-month spread widened in backwardation to $4.25 per tonne.
Indicating strong demand, naphtha stocks at Europe’s ARA hub fell to 293,000 tonnes from prior week’s 386,000 tonnes, data from Dutch consultancy Insights Global showed.
Asia’s gasoline crack also gained supported by decline at ARA inventories, while a series of trades on window lifted prices for the 95-octane grade. The crack rose to $7.28 a barrel from $6.60 in the last session after staying below $7 for five sessions.
There were seven gasoline deals in physical markets of which five were for 95-octane and two were for 92-octane. Vitol bought all five cargoes of the higher grade.
Gasoline stocks at Europe’s ARA refining and storage area declined by 3% to 665,000 tonnes in the week to Thursday.
Oil prices were largely steady on Friday as a rebound in global demand was widely expected but a slow recovery for the US Gulf Coast export and refining hub from the hurricane earlier this week weighed on prices.
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