NEW DELHI: Asia’s naphtha crack extended losses on Tuesday after crude prices rose and worries over slowing supplies dented market sentiment.
The crack dropped to $159.05 a tonne from $168.83 in the last session. The inter-month spread between first-half January and February widened to $15.25 in backwardation.
In physical markets, Trafigura purchased a first-half February loading cargo of naphtha.
Meanwhile, the gasoline crack inched lower after analysts estimated that U.S. stockpiles of gasoline likely fell about 700,000 barrels last week.
The crack fell to $10.95 a barrel from $11 in the previous session.
On the demand side, India’s gasoline sales continued to stay above pre-COVID-19 levels, rising to 1.04 million tonnes, preliminary sales data of state-run refiners showed, as people continued to prefer using personal vehicles over public transport for safety reasons.
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