Asia’s naphtha refining profit margin flipped to a discount on Thursday, after crude oil benchmarks surged over concerns around global supply.
The crack plunged by $19.65 to a discount of $16.93 per metric ton over Brent crude, and the first-half November naphtha price declined by more than $3 to $709.75 per ton.
At the deals window, there were no trades for naphtha for the eighth straight session. There were no deals for gasoline as well for a third consecutive day.
The gasoline crack also extended losses on Thursday, hitting the lowest level since Dec. 19 last year at $3.36 a barrel over Brent crude after U.S. posted a surprise build in inventories.
INVENTORIES
Singapore light distillate stocks fell by 245,000 barrels to a two-week low of 12.893 million barrels in the week to Sept. 27, Enterprise Singapore data showed.
Russian imports of naphtha into the city-state remained zero for a second consecutive week, dragging total import of the product to 194,879 tons, the data showed.
U.S. gasoline stocks rose by 1 million barrels in the week to 220.5 million barrels, the EIA said, compared with analysts’ expectations of a 120,000-barrel drop.
NEWS
– Russia has not discussed with the OPEC+ group of leading oil producers a possible crude oil supply increase to compensate for Russia’s fuel exports ban, the Kremlin said.
– Russia is selling oil to India at nearly $80 per barrel, some $20 above the Western price cap, traders said and Reuters calculations showed, as tight global oil markets help Moscow generate strong appetite for its exports.
SINGAPORE CASH DEALS
No trades.
Source: Reuters (Reporting by Mohi Narayan; Editing by Varun H K)