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Asia Naphtha/Gasoline-Naphtha crack falls below $100/t on poor demand

Asia’s naphtha refining profit margin extended losses on Friday as persistently high prices of the product dented demand sentiment, while steam crackers continued to prefer cheaper alternative feedstock propane, market players said.

The crack fell by about $4 to $98.43 per metric ton over Brent crude in a steady backwardation of $16 per ton.

At the deals window, there were no trades for both naphtha and gasoline, market participants said.

Meanwhile, gasoline stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub were steady at 1.23 million tons in the week to Thursday, with U.S. exports from the region slowing, data from Insights Global showed.


– Ukraine attacked a small oil refinery in Russia’s Kaluga region with drones early on Friday, causing damage in an operation that was conducted by the GUR military spy agency, a Ukrainian intelligence source told Reuters.

– Indian refiners’ crude oil throughput in January slipped nearly 1% year-on-year to 5.34 million barrels per day (22.6 million metric tons), provisional government data showed.
Source: Reuters (Reporting by Mohi Narayan; Editing by Shailesh Kuber)

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