NEW DELHI: Asia’s naphtha crack posted weekly gains of nearly 16% on Friday, supported by gasoline blending demand. The refining profit margin rose to $162.50 per tonne, up 5 cents from the last close.
Meanwhile, naphtha inventories at the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage area declined to 193,000 tonnes last week from 196,000 tonnes in the prior week, data from Insights Global showed.
Naphtha prices were low, so it also boosted gasoline blending demand, Insights Global’s Lars van Wageningen said. The gasoline stockpiles rose by more than 8% to 1.272 million tonnes.
Oil prices climbed on Friday, extending sharp gains in the previous session as frigid weather swept across large swathes of the United States, threatening to further disrupt oil supplies.
Comments
Comments are closed.