Asia’s gasoline refining profit margins stabilized near $4 a barrel on Wednesday after posting hefty losses last week, although market players fretted over high supplies this month as several plants resumed operations following planned outages.

The crack traded at $3.77 per barrel over Brent crude, compared with $3.58 a day earlier. The naphtha crack declined to $3.52 a metric ton over Brent crude.

“The pressure on Singapore gasoline cracks will mount with the return of 220,000 barrels per day of refining capacity from planned maintenance in October,” energy consultancy FGE said in a note.

Asia’s gasoline deficit will thus narrow by 50,000 bpd month-on-month to 380,000 bpd in October, then to 210,000 bpd in November, FGE estimated.

The Russian government is ready to ease a ban on diesel exports in coming days, the daily Kommersant reported on Wednesday, citing unidentified sources.

NEWS

– Saudi Arabia and Russia said on Wednesday they were continuing voluntary oil cuts to year-end as tightening supply and rising demand support oil prices.

– Oil fell on Wednesday, as Saudi Arabia’s announcement to continue crude output cuts to the end of 2023 was offset by demand fears stemming from macroeconomic headwinds.

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Source: Reuters (Reporting by Mohi Narayan; Editing by Sherry Jacob-Phillips)