SINGAPORE: Asia’s gasoline crack slipped for a fourth consecutive session to a more than six-week low on Thursday, while naphtha crack extended losses for a third straight session.
The gasoline crack fell to $2.99 per barrel, its lowest since Dec. 29, from $3.26 per barrel on Wednesday.
Asia’s naphtha crack dropped to $93 per tonne to hit its lowest since Dec. 30, compared to $95.53 per tonne a day earlier.
No Naphtha trade. Two gasoline trades. US crude oil stocks plunged unexpectedly last week, tumbling by more than 6 million barrels, as refiners ramped up production rates to pre-pandemic levels in March amid rising fuel demand, the Energy Information Administration said on Wednesday.
Oil prices fell on Thursday, giving up some of their recent sharp gains on profit-taking and speculation that the market’s strength could tempt producers like Saudi Arabia to reduce output by less.