SINGAPORE: Asia’s naphtha crack on Monday extended losses for a fourth straight session to hit its lowest since Dec. 28, weighed down by stronger oil prices, while the gasoline crack rebounded.
Asia’s naphtha crack slipped to $90.2 per tonne, compared with $93 per tonne last Thursday.
The gasoline crack rebounded to $3.31 per barrel, after falling for four consecutive sessions to a more than six-week low of $2.99 per barrel last Thursday.
Oil prices soared on Monday to their highest in about 13 months as vaccine rollouts promised to revive demand and producers kept supply reined in.
No gasoline trade. No Naphtha trade.
The global oil market is on a recovery path and the oil price this year could average $45-$60 per barrel, Russian Deputy Prime Minister Alexander Novak was quoted as saying on Sunday.
Japan’s biggest refiner, Eneos Corp, said on Monday it shut down its 145,000 barrels-per-day (bpd) Sendai refinery after it was hit by a large earthquake on Saturday that caused injuries and damage throughout northern Japan.—Reuters
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