This, coupled with demand and already seemingly tight supplies from the United States even before the hurricane season struck, had pushed LPG prices above those of naphtha. Buyers of naphtha from South Korea, Asia's top importer, have recently wrapped up purchases for cargoes scheduled for second-half October delivery. At least one Asian buyer was looking to buy first-half November cargo, trade sources said.
Asia's gasoline crack was largely stable at $12.51 a barrel on Monday, versus $12.50 in the previous session. This was down from $16.34 a barrel on August 31, which also marked the highest in 19 months, following a massive amount of refining capacity being taken offline in the US Gulf because of Hurricane Harvey. Kenya's oil importers are seeking over 400,000 tonnes of oil products for delivery over November to early December. Of these, almost 33 percent or 131,140 tonnes were gasoline.
Copyright Reuters, 2017