NEW DELHI: Asia’s gasoline refining profit margin extended gains on Wednesday amid turbulence in crude oil markets as some buyers steered clear of Russian oil.
The crack inched higher to $16.71 a barrel, the strongest level since October 2021, and up 46 cents from the last close.
JP Morgan estimated around 70% of Russian seaborne oil was struggling to find buyers. Stocks of light distillates at Fujairah Oil Industry Zone, including gasoline and naphtha, fell by 953,000 barrels to 5.834 million barrels in the week to March 7, according to industry information service S&P Global Platts. Meanwhile, the naphtha crack in the region eased $3.30 to $214.25 a tonne, and the inter-month spread narrowed slightly in backwardation to $35.50 per tonne.
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