NEW DELHI: Asia’s naphtha crack slimmed on Friday and posted a weekly loss of over 6% amid turbulence in crude oil benchmarks, although margins were still trading near historic levels.
The refining profit margin slipped to $211.10 a tonne, down $2.30 from the previous close. Naphtha margin touched a record high of $257.23 a tonne last week over uncertainty on trade flows emerging from the Russia-Ukraine crisis.
Meanwhile, Naphtha stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage area were up 5% at 293,000 tonnes in the week to Thursday, data from Dutch consultancy Insights Global showed. Gasoline stocks were down 5% at 1.147 million tonnes.
Oil prices were on track for their biggest weekly declines since November after see-sawing on fears of escalating bans on Russian oil versus efforts to bring more supply to market from other major producers.