NEW DELHI: Asia’s gasoline crack fell below $9 a barrel on Monday, after holding above multi-month highs for more than a week, as demand plunged from India, the world’s third-biggest oil importer.
The crack eased to $8.95 per barrel, down from $9.27 in the previous session.
India’s gasoline sales by state-run retailers totalled 985,820 tonnes in the first half of August, a decline of 4.93% from the same period last month, and preliminary sales data showed.
Asia’s naphtha crack also extended losses, and the inter-month spread between the first fortnight of October and November narrowed for a fourth consecutive session to $3.25 per tonne, it’s lowest since January. The crack dipped to $124.90 per tonne from $134.40 on Friday.
Sales of gas oil and gasoline by Indian state-run retailers fell in the first fortnight of August from a month earlier, as monsoon rains curtailed demand for auto fuels, preliminary sales data showed.
China’s daily crude throughput last month fell to the lowest since May 2020 as independent plants slashed production amid a tighter
Quotas, high inventories and weakening profits.