A weak light oil distillates market, awash in supplies, has sent Asia's ref...
SINGAPORE - A weak light oil distillates market, awash in supplies, has sent Asia’s refining margin plunging below $3 a barrel this week for the first time since February, with no short-term rebound in sight for naphtha or gasoline.
The average gasoline crack for Jan. 2 to May 9 at $3.26 a barrel is the lowest for the same period since Reuters started tracking the data in 2008. Meanwhile, Chinese gasoline exports are expected to stay high due to the country’s growing refining capacity. A growing supply of alternative petrochemical feedstock like natural gas liquids , including liquefied petroleum gas and ethane, would also add to pressure on the naphtha market, said Crosby.Although the average 380-cst fuel oil cracks for Jan. 2 to May 9 stood at a discount of $5.14, that was the narrowest level for the same period since Refinitiv started tracking the value in 2012.
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