Asia’s gasoline refining profit margin eased on Tuesday amid speculations around new batch of fuel export quotas from China, traders and analysts said.

The crack declined to $8.90 per barrel over Brent crude from $9.73 a day earlier.

In tenders, India’s MRPL sold 35,000 tons of reformate to energy trader Glencore, market participants said. The refiner also issued a tender to sell another 35,000 tons of reformate for loading during August 18-20, they added. The tender closes on Tuesday.

In naphtha market, the crack dropped by about $10 to $53.88 per metric ton over Brent crude on Tuesday. The backwardation between the first-half September and the first-half October naphtha price narrowed to 50 cents.

In tenders, India’s HPCL offered 23,000 tons of naphtha for loading during August 10-13 from Mumbai port, traders said.

– Japan’s largest refiner, Eneos Corp, restarted the 129,000 barrel-per-day crude distillation unit at its Chiba refinery near Tokyo on July 28 after fixing a system problem, a company spokesperson said on Tuesday.

– Oil prices slipped in early Asian trading on Tuesday, extending losses from the previous session, over concerns about Chinese demand and as the market shrugged off the risk of conflict escalating in the Middle East.

– BP increased its dividend and extended its share repurchasing programme on Tuesday as it reported a forecast beating second-quarter profit of $2.76 billion, with weak refining offset by stronger oil prices and retail.
Source: Reuters (Reporting by Haridas and Mohi Narayan; Editing by Mrigank Dhaniwala)