Asia’s naphtha markets were muted on Friday but posted gains of nearly 1% this week, as stockpiles in the Middle East fell for the second straight week while trading activity remained thin ahead of the year-end holidays.
The crack slipped by almost $1.40 to $94.90 per metric ton over Brent crude for the day, and the first-half February naphtha price eased by $4.75 to $645.25 per ton.
In gasoline markets, the crack was steady at $8.24 per barrel over Brent crude on Friday, posting a gain of about 15.57% for the week.
Data on Wednesday showed inventories of light distillates at the Fujairah Oil Industry Zone declined by 241,000 million barrels to a five-week low of 6.445 million barrels in the week ended Dec. 23.
Meanwhile, in Singapore, light distillate stockpiles rose by 341,000 barrels to a two-week high of 15.185 million barrels in the week to Dec. 25, data showed on Thursday.
Still, analysts expect gasoline inventories declined by about 1.1 million barrels in the week to Dec. 20, an extended Reuters poll showed on Tuesday.
The U.S. Energy Information Administration’s official weekly inventory report is due at 1 p.m. EST (1800 GMT), later than normal because of the Christmas holiday.
NEWS
Oil rose slightly on Friday and was on track for a weekly gain, spurred by expectations of a stimulus-driven economic recovery in China, the world’s biggest oil importer, and by forecasts of lower U.S. inventories.
India’s Bharat Petroleum Corp BPCL plans to invest $11 billion in southern Andhra Pradesh state for a new refinery and petrochemical project to meet rising fuel demand in the world’s fastest-growing major economy, its chairman said.
Major European energy companies doubled down on oil and gas in 2024 to focus on near-term profits, slowing down — and at times reversing — climate commitments in a shift that they are likely to stick with in 2025.
SINGAPORE CASH DEALS
No deals for the day.
Source: Reuters