Asia Naphtha/Gasoline-Margins rise on firm demand, easing Omicron fears

Asia Naphtha/Gasoline-Margins rise on firm demand, easing Omicron fears

NEW DELHI- Asia's naphtha crack gained on Tuesday as a 2% rise in crude oil benchmarks, due to easing Omicron fears, boosted prices. The refining profit margin climbed to $148.78 per tonne from $140.68 in the last session. However, the upside remained capped due to muted oil consumption in the region. urn:newsml:reuters.com:*:nL8N2SR37A In physical markets, Equinor and Shell purchased a cargo of first-half February loading naphtha each. Meanwhile, gasoline crack extended gains on strong demand prospects in the region. The refining profit margin rose to $9.47 a barrel, up 11 cents from last close. On the consumption side, Pakistan's state oil company PSO issued a series of tenders seeking February delivery of the benchmark 92-octane grade and the higher 95-octane grade gasoline. Meanwhile, U.S. stockpiles of gasoline likely rose about 1.6 million barrels last week, according to a Reuters poll, indicating weak demand. (Reporting by Mohi Narayan; Editing by Amy Caren Daniel) (([email protected];))