Asia’s naphtha refining profit margin rose on Wednesday after stocks at the Fujairah trading hub declined to a six-month low.
The crack rose to $93.53 per metric ton over Brent crude, compared to $86.13 a day earlier. The backwardation between second-half October and second-half November cargoes widened by $2 to $9 per ton.
Light distillate stocks at the Fujairah commercial hub declined by about 1 million barrels to 6.653 million barrels in the week to September 1, S&P Global Commodity Insights data showed.
In the gasoline market, price for the benchmark grade rose to over $81 per barrel on the back of firm demand, while supply remained tight.
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Source: Reuters