NEW DELHI: Asia’s naphtha refining profit margin gained on Wednesday, snapping a two-day losing streak, as inventories at the region’s top supplier declined after rising for two consecutive weeks.
The crack rose to $131.18 a tonne, up $1.83 from the last close. However, the upside remained capped after oil prices rose for a fourth day over tight supply outlook.
Light distillates inventories at Middle East’s Fujairah Oil Industry Zone, including gasoline and naphtha, fell 374,000 barrels to 4.511 million barrels in the week ended Jan. 17, according to industry information service S&P Global Platts.
The gasoline crack declined to $9.89 per barrel from $11.07 on Tuesday.
Indian refiners’ crude oil throughput in December rose about 2.2% year-on-year to 5.08 million barrels per day, data showed.
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