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NEW DELHI, Dec 24 (Reuters) – Asia’s naphtha crack snapped a two-day winning streak on Friday in thin trade, and posted a weekly loss of more than 6% after European inventories jumped by 12%.
The crack plunged to $150.63 a tonne from $156.05 in the last session. Singapore markets were closed early on Friday ahead of the Christmas holiday.
Naphtha stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage area rose to 207,000 tonnes in the week to Dec. 23 from 185,000 tonnes last week.
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Meanwhile, the gasoline crack inched higher but the upside remained limited in light trading as market players remained cautious amid a surge in Omicron cases across the globe.
The refining profit margin rose to $12.53 a barrel, up 29 cents from the last close. Gasoline margins posted a weekly gain of more than 5% over some positive developments around the COVID-19 vaccine.
“The market appears to be looking past the potential threats caused by the Omicron coronavirus variant after recent studies suggested that the strain might be more containable than initially feared,” Refinitiv Oil Research said in a note.
However, health experts have warned that the battle against the COVID-19 variant was far from over despite two drugmakers saying their vaccines protected against it. read more
NEWS
– Brent crude futures snapped a three-day rally on Friday in light trade, with many investors away for the holidays, but the benchmark was still headed for a weekly gain, with the market focusing on the next step by OPEC+ and the impact of the Omicron variant. read more
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Reporting by Mohi Narayan; Editing by Devika Syamnath
Our Standards: The Thomson Reuters Trust Principles.
Register now for FREE unlimited access to Reuters.comNEW DELHI, Dec 24 (Reuters) – Asia’s naphtha crack snapped a two-day winning streak on Friday in thin trade, and posted a weekly loss of more than 6% after European inventories jumped by 12%.The crack plunged to $150.63 a tonne from $156.05 in the last session. Singapore markets were closed early on Friday ahead of the Christmas holiday.Naphtha stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage area rose to 207,000 tonnes in the week to Dec. 23 from 185,000 tonnes last week.Register now for FREE unlimited access to Reuters.comMeanwhile, the gasoline crack inched higher but the upside remained limited in light trading as market players remained cautious amid a surge in Omicron cases across the globe.The refining profit margin rose to $12.53 a barrel, up 29 cents from the last close. Gasoline margins posted a weekly gain of more than 5% over some positive developments around the COVID-19 vaccine.”The market appears to be looking past the potential threats caused by the Omicron coronavirus variant after recent studies suggested that the strain might be more containable than initially feared,” Refinitiv Oil Research said in a note.However, health experts have warned that the battle against the COVID-19 variant was far from over despite two drugmakers saying their vaccines protected against it. read more NEWS- Brent crude futures snapped a three-day rally on Friday in light trade, with many investors away for the holidays, but the benchmark was still headed for a weekly gain, with the market focusing on the next step by OPEC+ and the impact of the Omicron variant. read more Register now for FREE unlimited access to Reuters.comReporting by Mohi Narayan; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.