NEW DELHI: Asia's gasoline crack surged to its highest since November 2019 on Friday and posted a weekly gain after crude oil rose on signs of industries switching to oil from high-priced gas.
The crack rose to $10.02 a barrel from $8.83 in the last session. A decline in European inventories also supported the refinery margin.
Gasoline stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage area dropped around 4% to 785,000 tonnes from 816,000 tonnes last week, data from Dutch consultancy Insights Global showed.
Meanwhile, the naphtha crack also climbed to its highest since Aug. 11 as buyers sought naphtha cargoes in spot market, market watchers said.
The crack rose to $144.40 a tonne from $134.73 in the last session and registered a weekly gain. In physical markets, Gunvor purchased a second-half December loading naphtha cargo.
Global trader Gunvor also bought up to 500,000 tonnes of naphtha from Russia's Antipinsky refinery for loading from Ust-Luga between October 2021 and September 2022, according to industry sources.
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