NEW DELHI- Asia's naphtha and gasoline cracks surged on Monday as rising gasoline blending demand amid easing coronavirus curbs boosted prices.
The refining profit margin for naphtha surged to a more than seven-year high of $160.95 per tonne from $155.10 on Friday. The crack has rallied over 17% this month.
The gasoline crack climbed to $15.46 a barrel, the strongest since August 2017, from $14.14 in the last session. The crack has more than doubled this month on the back of recovering demand in the region.
"More naphtha is expected to be drawn into the blending pool as demand for motor fuel ramps up on easing coronavirus restrictions and higher vaccination rates globally," Refinitiv Oil Research said in a weekly report.
- Oil prices extended pre-weekend gains on Monday to hit multi-year highs, lifted by tight global supply and strengthening fuel demand in the United States and beyond as economies recover from pandemic-induced slumps.
- Russia's Tatneft plans to sell up to 750,000 tonnes of naphtha produced at the TANECO refinery for loading between January 2022 and March 2023, the company reported via an electronic trading platform.
(Reporting by Mohi Narayan; Editing by Maju Samuel) ((Mohi.Narayan@thomsonreuters.com;))