NEW DELHI: Asia’s gasoline crack inched lower on Thursday as US stocks rose against market expectations, although losses were capped after inventories in Singapore registered a weekly decline.
The crack eased to $7.57 a barrel from $7.72 in the last session.
A series of deals at the trading window in the markets also supported demand sentiment. Vitol and Total made purchases for the benchmark and 95-octane grades of the fuel for a second straight day.
On supply side, Middle East gasoline exports dropped by 30,000 metric tonnes (MT) on week, due to a decrease in exports from the United Arab Emirates. But the drop in exports was capped by an increase in exports from Saudi Arabia and Bahrain, according to Refinitiv Oil Research data.
Tight supply in Asia and easing mobility restrictions in the region continue to add optimism to gasoline fundamentals, Refinitiv said in a report. The naphtha crack in the region also eased after crude oil prices rose on growing fuel demand and a bigger-than-expected draw in US inventories. The refining margin slipped to $136.03 a tonne from $139.90 on the previous day.
Middle East weekly naphtha exports dropped marginally by 14,000 MT on week from the prior week’s total of 931,000 MT, according to Refinitiv. Exports from Qatar increased more than three times last week, which capped the drop in exports from UAE and Kuwait.
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