Asia’s gasoline margins dipped on Wednesday, after hitting a 15-week high in the previous session, even as 200,000 barrels of the benchmark grade of octane exchanged hands at the closing window.
The crack dipped to $6.93 per barrel over Brent crude, from $7.06 on Tuesday.
In naphtha, the margins declined for a fourth consecutive session on weak demand for the light distillate, leading to refining cuts.
The crack dipped by $2.72 to $82.73 per metric ton over Brent crude.
INVENTORIES
Light distillate stocks, including naphtha and gasoline, at the Fujairah commercial hub rose by 123,000 barrels to 5.823 million barrels in the week ending Nov. 25, S&P Global Commodity Insights data showed.
U.S. gasoline inventories rose by 1.81 million barrels, and distillate stocks rose by 2.54 million barrels, market sources said, citing American Petroleum Institute figures on Tuesday.
NEWS
Oil prices edged up on Wednesday, with markets assessing the potential impact of a ceasefire deal between Israel and Hezbollah and Sunday’s OPEC+ meeting, in which the group could delay a planned increase to oil output.
Oil producers in Canada and Mexico will likely be forced to reduce prices and divert supply to Asia if U.S. President-elect Donald Trump imposes 25% import tariffs on crude imports from the two countries, traders and analysts said.
SINGAPORE CASH DEALS
Two gasoline deals and one naphtha trade.
Source: Reuters (Reporting by Haridas; Editing by Janane Venkatraman)