Asia’s gasoline margins climbed for the second consecutive session on Thursday even as bearish sentiment persists over the short-term outlook due to demand concerns, while naphtha cracks fell for a third straight session.

The gasolinemargins improved to $4.57 per barrel over Brent crude, from $4.38 on Wednesday.

In tenders, Mangalore’s MRPL was offering 75,000 metric tons of reformate for the loading period of Nov. 7-8, according to the company’s website. The tender closes on Oct. 18.
In naphtha, the margins inched down to$108.28 per metric ton over Brent crude, as the demand outlook remains tepid due to ongoing maintenance in regional crackers.

INVENTORIES

Singapore light distillates stocks fall to 1.296 million barrels to a nine-month low of 12.893 million barrels in week ending Oct. 16, data from Enterprise Singapore showed.

The American Petroleum Institute’s Wednesday figures showed crude and fuel stocks fell last week, market sources said, against expectations of a build-up in crude stockpiles.

NEWS

Oil prices were broadly flat on Thursday as investors waited on developments in the Middle East, the release of official U.S. oil inventory data and details on China’s stimulus plans. Brent crude futures LCOc1 were up 25 cents at $74.47 a barrel, while U.S. West Texas Intermediate crude futures CLc1 were at $70.64 a barrel, also up 25 cents.

OQEP, the exploration and production business of Oman’s state oil group, has raised $2.03 billion from its initial public offering (IPO) on the local stock exchange, it said on Thursday, in the Gulf country’s biggest ever listing.

SINGAPORE CASH DEALS

Three gasoline deals and no naphtha trade.
Source: Reuters (Reporting by Haridas; Editing by Eileen Soreng)