NEW DELHI: Asia's gasoline crack inched higher on Monday after five straight session of losses amid firm regional consumption and slowing supplies from India and China. The refining profit margin rose to $11 a barrel, from $10.78 in the previous session. But the upside remained limited with the prospects of increase in supplies.
Gasoline supply availability should inch up by the end of the year, while prompt import demand could ease slightly, according consultancy Energy Aspects. The naphtha crack in the region eased to $168.83 a tonne, from $171.60 in the previous session, amid dwindling supplies.
In physical markets, Glencore purchased a cargo of first-half January loading naphtha. Total naphtha flows into Asia for November slipped to lowest since June at 6.2 million metric tonnes (mt), from October's revised total of 6.6 million mt, assessments by Refinitiv Oil Research showed.
Crude oil prices fell on Monday on expectations of increasing supply, while higher energy costs and rising COVID-19 cases are also seen weighing on demand. UAE Energy Minister Suhail al-Mazrouei said on Monday he sees energy demand increasing going forward and does not expect that there will be an environment where fossil fuels will not be used.
Energy producers gathered in Abu Dhabi following the COP26 UN climate talks called on Monday for greater inclusivity that would see more investment in hydrocarbons for energy security as they work to reduce emissions while developing their economies.
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