NEW DELHI Asia’s naphtha refining profit margin slipped on Wednesday as inventories at the region’s key supplier Middle East spiked, and prices cooled off in tandem with a decline in oil benchmarks.
The crack eased to $161.28 a tonne, down $3.88 from Tuesday’s close. The inter-month time spread slimmed in backwardation to $25.75 a tonne.
Stocks of light distillates at Fujairah Oil Industry Zone jumped 1.210 million tonnes to 6.087 million tonnes in the week to Feb. 21, according to industry information service S&P Global Platts.
India’s state refiner MRPL offered 35,000 tonnes of the higher 95-octane grade gasoline for late-March delivery. The refiner has offered 70,000 tonnes of the fuel so far in February for delivery in March.
Vietnam will auction 100 million litres (26.4 million gallons) of gasoline from its national reserves, state media reported on Tuesday, as a supply shortage enters its second month.
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