NEW DELHI: Asia’s naphtha crack gained on Tuesday after crude oil prices dropped more than 1% ahead of the expected release of US crude reserves.
The refining profit margin rose to $151.20 a tonne from $149.78 in the previous session. The upside to margins was capped by slowing supplies. Overall naphtha flows into Asia for November stood at 6.5 million metric tonnes (mt), down from October’s revised total of 6.7 million mt, assessments by Refinitiv Oil Research showed. The gasoline crack in the region inched lower as major economies India and Japan worked on oil-reserve release with the United States to ease prices. The crack slipped to $7.75 a barrel from $7.99 in the prior session. But hopes of a decline in US inventories limited losses.
Analysts estimated US stockpiles of gasoline fell about 200,000 barrels last week, a preliminary Reuters poll showed.
Oil prices slumped on Tuesday ahead of the expected release of US crude reserves to cool the market while resurgent COVID-19 cases in Europe also weighed on demand.
Comments
Comments are closed for this article.