NEW DELHI: Asia’s gasoline and naphtha refining profit margins posted weekly gains on Friday, boosted by strong demand fundamentals.
The gasoline crack eased slightly to $14.14 a barrel from $14.79 in the previous session. It reported a 16% weekly gain and has nearly doubled this month, as easing mobility curbs in several Asian countries prompted a rise in consumption.
The naphtha crack rose to $155.10 a tonne, the strongest since July 2014, from $149.43 in the last session. The margin gained over 2% on the week as feedstock demand from petrochemical units supported prices.
In physical markets, Glencore bought two January-loading cargoes of naphtha.
Gasoline stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage area rose to 776,000 tonnes in the week to Oct. 21 from prior week’s 748,000 tonnes.
Naphtha inventories at the ARA hub also rose to 247,000 tonnes in the week to Thursday from 244,000 tonnes.
Japan’s inventories of liquefied natural gas (LNG) are at the highest level in five years, the industry ministry said on Thursday, as a wider energy crunch gripping many countries raises the prospect of a second winter of shortages.
Oil prices stayed near multi-year highs on Friday, erasing some earlier losses in Asian trading hours, with concerns about tight supply and stockpiles fuelling bullish sentiment.
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