Asia’s gasoline margins rose for the third consecutive session on Thursday, as 300,000 barrels of the benchmark grade of octane exchanged hands at the closing window.

The crack inched up to $4.44 per barrel over Brent crude, from $4.22 on Wednesday.

In naphtha, the margins rose by $3.15 to $113.80 per metric ton over Brent crude, as the market received a boost in demand with the restarting of several regional crackers after their maintenance period.

Singapore light distillates stock fell by 1.125 million to a three-week low of 14.189 million barrels in the week ending Oct. 9, data from Enterprise Singapore showed.

U.S. gasoline stocks USOILG=ECI fell by 6.3 million barrels in the week to 214.9 million barrels, their lowest level since September 2023, while distillate stockpiles USOILD=ECI fell by 3.1 million barrels in the week to 118.5 million barrels, the Energy Information Administration (EIA) said.

NEWS

Oil prices edged higher on Thursday, underpinned by a spike in fuel demand as a major storm barreled into Florida. Brent crude futures LCOc1 rose 58 cents, or 0.8%, to $77.16 a barrel. U.S. West Texas Intermediate (WTI) futures CLc1 were up 61 cents, or 0.8%, at $73.85.

U.S. oil producer Occidental Petroleum OXY.N on Wednesday flagged lower prices for its oil and gas production in the third quarter, compared to the previous period. The prices received for production during the quarter were nearly 6% lower for its total oil output and about 26% lower for its U.S. natural gas output.

SINGAPORE CASH DEALS O/AS

Five gasoline deals and no naphtha trade.
Source: Reuters (Reporting by Haridas; Editing by Tasim Zahid)