NEW DELHI: Asia’s gasoline markets weakened for a fourth straight session on Thursday after inventories at the key trading hub of Singapore rose to the highest level since September 2020.
The crack slipped to $16.02, the lowest since April 13, from $26.19 in the last session, Refinitiv Eikon data showed. The naphtha crack, on the other hand, rose by $14.50 to the strongest level since May 20 at $56.45 a tonne.
On Thursday, the second-half August naphtha price was $12 a tonne higher than the following month, making it the widest backwardated spread since late-March.
In physical markets, energy trader ENOC snapped up 200,000 barrels of the higher 95-octane grade of gasoline, while Vitol purchased three cargoes of the benchmark 92-octane grade.
Singapore inventories of light distillates rose by 1.610 million barrels to 16.839 million barrels in the week to July 6, Enterprise Singapore data showed.
Meanwhile, US stocks registered a larger-than-expected decline of 1.8 million barrels, market sources told Reuters.
Oil prices were steady after steep losses in the previous two sessions, as investors returned their focus to tight supply even as fears of a global recession persisted.