NEW DELHI: Asia’s gasoline crack scaled a one-week high on Monday, buoyed by expectations of tightening supplies amid ongoing refinery outages in the United States Gulf and looming autumn refinery maintenance in Asia.
The crack climbed to $7.47 a barrel on Monday, up from Friday’s $6.98 per barrel.
The naphtha crack inched higher $131.03 a tonne, up from $130.35 in the previous session, amid limited arbitrage supplies and as consumers were expected to complete purchases for end-October deliveries this week.
Saudi Aramco has notified at least seven buyers across Asia that it would supply full contractual volumes of crude oil in October, though none of them asked for additional supplies despite deep price cuts, sources with knowledge of the matter said on Monday.
The full allocation comes as the Organization of the Petroleum Exporting Countries and their allies including Russia agreed to ease supply cuts by 400,000 barrels per day (bpd) each month between August and December.