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Asia's gasoline crack bounced back on Friday, recovering some of the steep looses this week which saw the crack flip into a discount on Thursday for the first time in years due to a persistent supply glut. This came as European storage data showed a weekly drop in gasoline inventory figures.
But some trade sources warned there could be further downside potential as refiners continue to produce more of the fuel due to strong middle and heavy distillate refining margins. Asia's gasoline margin to Brent crude moved into negative territory for the first time in more than 6-1/2 years at a discount of $1.17 a barrel on Friday.
Gasoline stocks held independently at the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub fell 42,000 tonnes in the week to Nov. 8 to a six-week low of 943,000 tonnes, data from Dutch consultancy PJK International showed. ARA gasoline stocks were 3 percent higher than a year ago levels that stood at 917,000 tonnes.
Meanwhile, ARA naphtha stocks climbed to 261,000 tonnes on the week to Nov. 8, up from 241,000 tonnes in the week before.
Some German chemical sites, such as Ludwigshaven and Dormagen, took in less than usual in the past week, contributing to a rise in Naphtha stocks, according to Dutch consultancy PJK International.

Copyright Reuters, 2018

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