SINGAPORE: Asia's gasoline crack on Monday strengthened to its highest since May 28, supported by improving demand during the peak summer driving season in the west, while the naphtha crack fell.
The gasoline crack was assessed at $6.04 a barrel, from $5.70 a barrel in the previous session. Asia's naphtha crack fell to $100.55 a tonne, from $104.53 a tonne in the previous session.
Oil prices rose on Monday to their highest levels in more than two years supported by economic recovery and the prospect of fuel demand growth as vaccination campaigns in developed countries accelerate.
The world will need a lot more oil from OPEC+ as global demand is on track to return to pre-pandemic levels at the end of next year, the International Energy Agency said on Friday, just a few weeks after saying long-term oil production must decline to reduce emissions. Two gasoline deals. No naphtha deal.
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