Asia’s gasoline margins extended their fall on stubbornly poor demand.
SKEISG emerged as the sole buyer of the benchmark grade of octane, snapping up 150,000 barrels all of which were purchased from AramcoSG.
The crack dipped to $4.70 per barrel above Brent crude, from $4.93 on Wednesday.
In naphtha market, the crack reached a six-month high to hit $103.75 per metric ton over Brent crude. It last traded at $106.05 on Mar. 13, 2024.
INVENTORIES
Singapore light distillates stocks fell 771,000 barrels to four week low of 15.099 million barrels in week to Sept. 11, data from Enterprise Singapore showed.
U.S. Gasoline stocks rose by 2.3 million barrels in the week to 221.6 million barrels in the week ending Sept. 6, while distillate stockpiles , rose by 2.3 million barrels in the week to 125 million barrel, the Energy Information Administration said.
NEWS
Oil prices rose more than 1% on Thursday, extending a rebound spurred by concern over Hurricane Francine’s impact on U.S. output. Brent crude futures LCOc1 for November rose $1.01 to $71.62 a barrel. U.S. crude futures CLc1 for October were up $1 at $68.31.
SINGAPORE CASH DEALS
Three gasoline deals and no naphtha trade.
Source: Reuters (Reporting by Haridas, Editing by David Goodman)