SINGAPORE: Asia's gasoline crack was at a two-session high of $2.71 a barrel on Thursday as shutdown of a gasoline-making unit in South Korea might have given the value some support, industry sources said.
S-Oil Corp had shut 76,000 barrels per day residue fluid catalytic cracker (RFCC) following an outage caused by a typhoon which had swept through part of South Korea recently.
The unit could remain shut until end September although this could not be directly confirmed as S-Oil had declined to comment. But overall demand has been choppy and supplies have stayed high.
Singapore's onshore light distillates inventories rose by about 5.26% or 737,000 barrels to reach a three-week high of nearly 14.8 million barrels in the week to Wednesday, data from Enterprise Singapore showed.
The current stock levels are 32% higher versus a year ago when inventories were at close to 11.2 million barrels.
Asia's naphtha crack eased to reach a two-session low of $85.20 a tonne. Naphtha crack hit a two-month high on Tuesday at $85.60 and held firm on Wednesday due to strong demand.