Asia’s gasoline margins held relatively steady on Friday, as exports from China are expected to wane going forward following the reduction in the value-added tax rebate on gasoline exports effective Dec. 1, contributing to the bullish sentiment.

The crack was at $7.47 per barrel over Brent crude, from $7.46 on Thursday.

In naphtha, the margins continued their climb to settle at $85.78 per metric ton over Brent crude.

NEWS

Oil prices fell on Friday, heading for a weekly drop of more than 3%, as concerns over supply risks from the Israel-Hezbollah conflict eased, alleviating earlier disruption fears.

OPEC+ is discussing postponing its oil output hike due to start in January for the first quarter of 2025, OPEC+ sources told Reuters on Thursday, and will hold further talks on this and other options ahead of its delayed policy meeting on Dec. 5.

SINGAPORE CASH DEALS

Two gasoline deals and two naphtha trades.
Source: Reuters (Reporting by Haridas; Editing by Shreya Biswas)