Asia’s gasoline margins inched further down for the fourth consecutive session on a bleak Wednesday, as no deals concluded at the end of the trade window.

The crack fell to $5.25 per barrel over Brent crude, from $5.84 on Tuesday.

In tenders, Pakistan’s PSO was seeking 92-octane gasoline and 95-octane gasoline for the loading period of Nov. 11-13, the company website stated. The tender closes on Sept. 30.

In the naphtha market, the margins edged lower to $98.50 per metric ton over Brent crude.

The backwardation between first-half November and first-half December narrowed to $2.50.

INVENTORIES

Light distillate stocks, including naphtha and gasoline, at the Fujairah commercial hub fell 891,000 barrels to 4.674 million in the week to Sept. 23, S&P Global Commodity Insights data showed.

Gasoline inventories fell by 3.44 million barrels, and distillate stocks fell by 1.12 million barrels, according to market sources citing the American Petroleum Institute. API/S

NEWS

Oil prices were little changed on Wednesday as investors reassessed the ability of China’s stimulus plans to boost its economy, while declining U.S. crude oil and fuel stockpiles provided support. Brent LCOc1 crude futures were down 8 cents, or 0.1%, at $75.09 a barrel. U.S. West Texas Intermediate crude CLc1 was down 13 cents, or 0.2%, at $71.43 per barrel.

OPEC raised its forecasts for world oil demand for the medium and long term in an annual outlook, citing growth led by India, Africa and the Middle East and a slower shift to electric vehicles and cleaner fuels.

Global energy major BP BP.L said on Wednesday it is holding a board meeting in India this week, as it scouts for more opportunities in the country, as India, the world’s third-biggest oil importer and consumer, wants to quickly raise its oil and gas output.

SINGAPORE CASH DEALS O/AS

No deals reported.
Source: Reuters (Reporting by Haridas; Editing by Shreya Biswas)