NEW DELHI: Asia’s gasoline crack slipped for a fourth consecutive session on Wednesday, after US and Middle East inventories rose last week.
The crack slipped to $6.42 a barrel from $6.54 in the previous session. The price for the benchmark grade gasoline also weakened at the trading window, although demand stayed firm.
There were four deals for the 92-octane grade. Vitol and PTT continued with their buying spree and bought a cargo each.
US gasoline inventories rose by 3.6 million barrels, according to market sources, citing American Petroleum Institute figures.
Stocks of light distillates at Fujairah Oil Industry Zone, including gasoline and naphtha, also increased by 154,000 barrels or 3.1% on the week to 5.111 million barrels. The region’s naphtha crack came under pressure with the build up in Fujairah stocks, while the prompt inter-month spread narrowed to $6.50 in backwardation.
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