NEW DELHI: Asia’s gasoline crack strengthened on Thursday after Singapore inventories plunged to their lowest level in eleven months.
The crack rose to $7.40 a barrel from $6.42 in the previous session.
Enterprise Singapore data showed the stocks of light distillates declined by 1.209 million barrels to 11.847 barrels in the week to Sept. 29.
US gasoline stocks, on the other hand, posted a modest gain of 193,000 barrels to 221.8 million barrels, compared with expectations for a 1.4 million-barrel rise.
“Although supply in Asia has been tight due to lower exports from India and China, the two largest exporters in the region, demand has faced some declines as countries such as South Korea, Singapore and Japan still record high case count for COVID-19,” Refinitiv Oil Research said in a weekly report.
The naphtha crack in the region also gained, while the while the prompt inter-month spread narrowed by 50 cents in backwardation.
The refining margin rose to $132.33 a tonne from $130.68 on the previous day.
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