Asia’s naphtha crack gains, gasoline steady

NEW DELHI: Asia’s naphtha crack gained on Thursday as inflows from key supplier Middle East decreased, easing concerns of oversupply in the region.

The refining profit margin rose to $156.05 a tonne, up 40 cents from the previous close.

Middle East weekly naphtha exports last week fell by 224,000 metric tonnes week-on-week, according to assessments by Refinitiv.

“In the UAE alone multiple condensate splitters at Ruwais refinery and ENOC refinery are scheduled for maintenance in the first quarter of 2022,” Mohammed Yasser, an analyst at Refinitiv Oil Research said in a note.

“Crude oil Distillation Unit (CDU) in Kuwait’s Mina Abdulla refinery and at Bahrain’s Sitra refinery are also scheduled for maintenance in Q1 2022 ... these planned maintenances could keep supplies from Middle East capped.”