NEW DELHI: Asia’s gasoline crack extended gains on Thursday after a surprise drop in the US stocks lifted market sentiment, although a rise in inventories at the key trading hub of Singapore capped the gains.
The refining profit margin for gasoline climbed to $31.45 a barrel, up from $30.23 a barrel on Wednesday. A fall in crude oil price benchmarks also aided the margins.
Gasoline margins have risen more than 18% since the beginning of May on strong consumption fundamentals.
Meanwhile, the naphtha crack in the region also rose, but continued to trade at a discount of $98.75 a tonne, compared with a discount of $122.53 a tonne in the last session.
US gasoline stocks fell by 0.7 million barrels in the week to 217.5 million barrels, the EIA said, compared with analysts’ expectations in a Reuters poll for a 1.1 million-barrel rise. ?
Singapore light distillates stocks gained 691,000 barrels to a 15-month high of 15.812 million barrels in the week to June 15, official data showed.