Asia’s naphtha crack eases from multi-year high

SINGAPORE: Asian refining profit margins for gasoline and naphtha slid on Tuesday.

The naphtha crack dipped to $133.13 per tonne, after reaching its highest since Nov. 13, 2017 of $133.55 per tonne on Monday.

The gasoline crack was assessed at $8.65 per barrel, down from $8.94 per barrel in the previous session. Stalled talks by top oil producers over releasing more supply could deteriorate into a price war just as COVID-19 vaccines are sending demand for oil surging, the International Energy Agency (IEA) said on Tuesday.

Top oil shipping companies say they have tightened operational guidelines and deployed technology to prevent accidental breaches of sanctions, as the countries hit by ever tougher restrictions fight back with elaborate strategies to dodge them.