SINGAPORE: Asia's gasoline crack hit one week high of $2.76 a barrel on Friday, supported by signs of shrinking inventories amid refinery run cuts, though trade sources said concerns over weak demand due to fresh lockdowns could cap gains.
Asia's naphtha crack extended losses to a more than one-week low of $63.08 a tonne, down from $65.08 a tonne in the previous session as ample supplies weighed.
Gasoline inventories at the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub fell 8% in the week to Thursday to reach a more than six-month low of 1.077 million tonnes, data from Dutch consultancy Insights Global.
Gasoline stocks dropped as exports to Africa were strong which is normal towards the end of the year, Insights Global's Lars van Wageningen said. Exports to the United States, however, remained low, he said.
Naphtha stocks rose 2% to a three-week high of 388,000 tonnes although a large cargo left the region for Brazil.
Singapore onshore light distillates stocks jumped 15%, or 1.665 million barrels, to a two-week high of 12.867 million barrels in the week to Nov. 4, data from Enterprise Singapore showed.
The refinery, located in southern Chinese city Beihai in Guangxi region, invested 987 million yuan ($148.81 million) in 2019 to build a light cycle oil to aromatic and gasoline (LTAG) unit with an annual capacity of 1.2 million tonnes, as well as a 30,000 cubic metres per hour hydrogen generation unit.
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