SINGAPORE: Asia’s gasoline crack eased on Wednesday as US gasoline inventories were seen rising in the week to Feb. 12 and the recovery of Asia’s fuel demand shows signs of slowing.
Analysts estimated that US stockpiles of gasoline likely rose by 1.4 million barrels last week, a preliminary Reuters poll showed.
US oil inventory data from the American Petroleum Institute industry group and the Energy Information Administration (EIA) will be released on Wednesday and Thursday respectively, delayed by a US holiday on Monday.
Some market watchers also pointed to some signs that the recent rebound in fuel demand is easing.
Air traffic and road congestion over the Lunar New Year holiday in China is significantly below normal, after the government advised people not to travel to curb the coronavirus pandemic, ANZ analysts wrote in a note.
Indian state refiners’ gasoline sales in the first two weeks of February fell below pre-pandemic levels, the first decline in about six months, preliminary industry data showed, as record high retail prices hit consumption.
On Wednesday, Asia’s gasoline crack fell to $4.17 per barrel, from $4.37 per barrel a day earlier. The naphtha crack rose for a second straight session to $92.78 per tonne, compared with $92.15 per tonne in the previous session.
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