NEW DELHI: Asia’s refining profit margin for gasoline extended losses on Thursday on poor demand outlook globally and renewed COVID-19 curbs in key oil-importing economy China.
Discount on the crack rose to 45 cents a barrel from 2 cents a barrel on Wednesday. Large build ups at major trading hubs have led to a decline in gasoline margins that shrank by more than 100% in August.
Global factory activity slumped in August as Russia’s war in Ukraine and China’s zero COVID-19 curbs continued to hurt businesses, surveys showed.
Meanwhile, the naphtha crack recouped some losses amid weakness in crude oil benchmarks. The margin stood at a discount of $57.63 a tonne from a discount of $91.63 a day earlier.
On Thursday, the front-month second-half October naphtha was $2.25 a tonne cheaper than the following month.
Singapore’s onshore inventories of light distillates dropped 1.017 million barrels to a six-week low of 16.332 million barrels in the week to Aug. 31, official data showed.
US gasoline stocks were down 1.2 million barrels in line with analysts’ estimate.
Comments
Comments are closed.