Asia’s gasoline margins inched down on Friday after rising for three sessions, as 100,000 barrels of 92-gasoline exchanged hands at the closing window.
The crack dipped to $4.41 per barrel over Brent crude from $4.44 on Thursday.
In naphtha, the crack fell by $2.47 to $111.33 per metric ton over Brent crude.
Gasoline inventories meanwhile rose nearly 13% to around 1.09 million tons in the week ending Oct. 10, while naphtha stocks rose to 556,000 tons from prior week’s 554,000 tons, the Energy Information Administration said in its report.
NEWS
Oil retreated on Friday but prices remained set for a second weekly gain as investors weighed the impact of hurricane damage on U.S. demand against any broad supply disruption if Israel attacks Iranian oil sites. Brent crude oil futures LCOc1 fell 94 cents, or 1.2%, to $78.46 a barrel. U.S. West Texas Intermediate crude futures CLc1 slipped 86 cents, or 1.1%, to $74.99 per barrel.
Weak refining margins due to a slowdown in global demand for fuel and lower oil trading results will dent BP’s BP.L third-quarter profit by up to $600 million, the British oil major said on Friday.
The Omsk oil refinery, Russia’s largest by production volumes, increased crude processing by 4% year-on-year in the January to September period thanks to a modernisation of its facilities, energy giant Gazprom GAZP.MM said.
SINGAPORE CASH DEALS O/AS
Two gasoline deals and no naphtha trade.
Source: Reuters (Reporting by Haridas; Editing by Eileen Soreng)