NEW DELHI: Asia's gasoline crack slipped below $7 a barrel on Monday, while a series of trades at the window lifted prices for the benchmark 92-octane grade. The crack eased to $6.73 per barrel, hitting a two-week low, from $7.46 on Friday.
Adding optimism to demand sentiment, there were eight deals in physical markets, of which six were for the benchmark grade and two were for the higher 95-octane grade of the fuel. PTT and Vitol bought three cargoes each, while Unipec purchased one cargo.
"While we have long held a bullish oil view, the current global supply-demand deficit is larger than we expected, with the recovery in global demand from the Delta impact even faster than our above-consensus forecast and with global supply remaining short of our below consensus forecasts," Goldman Sachs said in a note dated Sept. 26.
Meanwhile, the naphtha crack in the region remained little changed at $135.33 a tonne from $135.08 in the last session. In the markets, PetroDiamond purchased a first-half December loading cargo of naphtha.
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