Asia’s gasoline margin rose on Thursday as inventories in the world’s biggest fuel market declined while the naphtha margin was supported by losses in crude oil benchmarks.

The gasoline crack gained about 22 cents to $9 a barrel over Brent crude while the naphtha crack rose by $5.27 to $55.75 a tonne.

U.S. gasoline stocks fell by 2.4 million barrels to 221.1 million barrels, government data showed, compared with expectations of a decline of 900,000 barrels.

Meanwhile, Singapore’s commercial hub imported about 80,000 tonnes (720,000 barrels) of naphtha from Russia in the week to April 26, government data showed.

Total light distillates inventories at the hub climbed by 105,000 barrels to 15.120 million barrels in the week, the data showed.

TENDERS

India’s MRPL offered 20,000 tonnes of naphtha for delivery over May 19-20 in a tender that closes on Friday with same-day validity.

The company also offered 30,000 tonnes of reformate for May 24-28 delivery. This tender also closes of Friday.

SINGAPORE CASH DEALS

One gasoline trade, no naphtha deals.
Source: Reuters