Asia’s gasoline crack edges higher

SINGAPORE: Asia’s gasoline crack edged higher for a third consecutive session on Friday, while naphtha margins eased.

Spot premiums for light naphtha cargoes arriving in the second half of March stayed firm on expectations of tighter arbitrage supplies.

PCS bought naphtha with minimum paraffin content of 77% at premiums of about $16 and $17 a tonne to Japan quotes on a cost-and-freight basis, traders said.

Hanwha Total closed on Friday a tender seeking heavy full-range naphtha for second half of March delivery while Mitsui also sought light naphtha in the same period.

Gasoline remained supported on lower supplies as refiners capped output while lockdowns in some southeast Asian countries curbed consumption of the motor fuel.

Taiwan’s Formosa Petrochemical Corp planned to reduce the volume of crude processed in February as it delayed the restart of a coking unit which had been shut for regular maintenance, the company’s spokesman said on Friday.

Taiwanese state refiner CPC Corp on Friday reported a fire had broken out at one of its refining units at its Talin complex.