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  • Dec 29th, 2018
  • Comments Off on Asian gasoline crack falls to two-day low
Asia's gasoline crack reached a two-session low of 35 cents a barrel on Thursday on higher stockpiles. But despite a fall of almost 71 percent from the previous day, the current crack level remained at a premium after trading at a discount against Brent for most of this month.

As for weekly gasoline inventories, levels were higher in Singapore, Japan and the US. In Singapore for instance, the onshore light distillates stocks, which comprise mostly gasoline and blending components for petrol, surged 17.46 percent of 2.18 million barrels to hit a 4-1/2-month high of 14.6 million barrels in the week to Dec. 26, data from Enterprise Singapore showed.

This was 12.3 percent higher than a year ago.

Japan's gasoline stocks also reflected an increase of 180,000 barrels to 10.57 million barrels in the week to Dec. 22, official data showed.

US official data is not out yet but analysts had on Wednesday estimated that the US gasoline stockpiles have risen by about 300,000 barrels last week, a preliminary Reuters poll showed.

Indonesia's Pertamina, also Asia's top gasoline importer, was seeking a total of 200,000 barrels of 88-octane grade gasoline for late January to early February arrival at ports of Kotabaru, Panjang and Makassar.

Malaysia-based Titan has bought naphtha for first-half February arrival at Pasir Gudang a premium in the single-digit level to Japan quotes on a cost-and-freight (C&F) basis, traders said.

This is the second time in about week that Titan has bought the fuel for first-half February delivery.

Copyright Reuters, 2018


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