Asia's gasoline crack remained at a discount for the second straight day as high supplies weighed, at 22 cents a barrel on Thursday versus 37 cents in the previous session. Gasoline stocks in the United States rose 8.1 million barrels, the largest weekly rise since December of 2016, Energy Information Administration (EIA) data showed.
China National Offshore Oil Company (CNOOC) for instance will shut its 240,000 barrel-per-day refinery in southern China's Huizhou city for a planned overhaul that lasts about 50 days, starting late February. Asia's naphtha crack edged up 87 cents to a two-session high of $35.48 a tonne.
Demand for the petrochemical feedstock this week has been firm, with at least seven end users having scooped up at least 180,000 tonnes of naphtha for second-half February to first-half March delivery. The amount of naphtha arriving in Asia from the West is set to fall to a four-month low in February at 1.4 million tonnes, offering some respite to local traders after months of surplus supplies.
Indonesia's Pertamina was looking to buy three 88-octane grade gasoline cargoes totalling 480,000 barrels for first-half February loading from Singapore or Malaysia through a tender closing on January 11, with offers to stay valid until January 15.
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