Asia's gasoline crack fell for a sixth straight session on Thursday to $8.10 a barrel, the lowest value since May 15 as high supplies and oil prices weighed. Singapore's onshore light distillates stocks, which comprise mostly gasoline and blending components for petrol, hit a nine-week high of 14.532 million barrels in the week to May 30, official data showed.
This was 7.05 percent below the record high of 15.635 million barrels in the week ended March 27. Asia's naphtha crack fell 6.22 percent to $100.25 a tonne, the lowest since May 7, dragged down by weak gasoline fundamentals but spot premiums remained firm. India's Bharat Petroleum Corp Ltd (BPCL) sold 30,000 tonnes of naphtha for June 15-17 loading from Mumbai to BP at premiums of about $25 a tonne to its own price formula on a free-on-board (FOB) basis.
This was the highest premium BPCL had fetched for a Mumbai naphtha cargo since it sold one for April 2015 loading. Premiums BPCL had received for cargoes sold out of Kochi hit 2014 levels last week at about $36. Kuwait Petroleum Corp also sold a cargo this week but for June 20-21 loading at premiums from the low to mid-$20 a tonne level to Middle East quotes on an FOB basis. Royal Dutch Shell Plc on Wednesday began three months of scheduled maintenance at a 92,000-barrels-per-day (bpd) gasoline-producing unit at its 227,586-bpd refinery at Convent, Louisiana.
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