Asia's naphtha down to four-day low

09 Oct, 2020

SINGAPORE: Asia's naphtha crack fell to a four-session low of $88.68 a tonne on Wednesday as spot trades were mostly muted.

Asia's gasoline crack fell for the second day to reach a two-week low of $4.49 a barrel.

Gasoline demand remained choppy as supplies from China are likely to stay elevated despite this being the Golden Week, which started on Oct. 1 and will last until October 7.

Japanese gasoline and naphtha inventories were higher in the week to Oct. 3 despite lower refinery runs, official data showed.

In the United States, gasoline stockpiles were expected to have fallen by 500,000 barrels last week, an extended Reuters poll showed on Tuesday.

Light distillates stocks held in Fujairah fell 3.4%, or 223,000 barrels, to a four-week low of nearly 6.3 million barrels in the week to Oct. 5, based on data from Fujairah Oil Industry Zone, according to industry information service S&P Global Platts.

Oil producers had evacuated 57 production facilities in the US Gulf of Mexico by Tuesday and halted 540,000 barrels per day of oil and 232 million cubic feet per day of natural gas production as Hurricane Delta grew into a power storm over the Caribbean on its way to the Gulf of Mexico.

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