SINGAPORE: Asia's gasoline crack rose for a fourth straight session on Wednesday to $2.45 a barrel over Brent crude, the highest since March 12, as demand strengthened as lockdowns ease around the world.
Asia's naphtha crack was at a two-session high of $53.38 a tonne. Japan's Idemitsu bought naphtha for delivery in the second-half of July, at premiums in high single digits a tonne to Japan quotes on a cost-and-freight (C&F) basis.
This came a day after South Korea's KPIC paid around $5 a tonne to Japan quotes for the fuel, also for second-half July delivery. Kuwait Petroleum Corp (KPC) sold 50,000 tonnes of naphtha for June 24-25 loading to Aramco Trading at premiums close to $20 a tonne to Middle East quotes on a free-on-board (FOB) basis.
Bahrain sold 50,000 tonnes of the fuel on Monday for late June loading from Sitra Port at premiums of about $18 a tonne to Middle East quotes on a FOB basis. Bapco has an outstanding tender to sell a July cargo on June 12.
India's Hindustan Petroleum Corp Ltd has pushed back the completion of a billion-dollar expansion at its southeastern Vizag refinery to at least October-November due to a labour shortage and the onset of monsoon, a company source said.
Indian Oil Corp aims to operate its refineries at an average 90% capacity in June as fuel demand recovers with the easing of a coronavirus lockdown, the company said on Wednesday.