Asia’s gasoline refining profit margin rose on Monday after a series of trades for the benchmark grade of the fuel at the Singapore deals window lifted market sentiment.

The crack rose to $9.73 per barrel over Brent crude, from $8.65 per barrel on Friday.

In tenders, Lanka IOC was heard seeking September loading gasoline, traders said. In naphtha markets, South Korean buyer, GS Caltex sought 25,000 metric tons of naphtha for September, they added.

Naphtha refining profit margin declined by $3.65 to $64.23 per metric ton over Brent crude on Monday. The backwardation between the first-half September and the first-half October naphtha price narrowed to $1 a ton from $2 on Friday.

The price for first-half September naphtha plunged to $673 a ton from $685.50 in tandem with crude oil weakness.

SINGAPORE CASH DEALS

Four gasoline deals and three naphtha trades.

NEWS

– Oil prices were stable on Monday as fears of a widening conflict in the Middle East after a rocket strike in the Israeli-occupied Golan Heights put a floor under last week’s price losses.

– Spain’s second largest oil company Cepsa said on Monday it returned to profit in the second quarter thanks to higher oil and gas prices, lower costs and wider refining margins.
Source: Reuters (Reporting by Haridas X; Editing by Eileen Soreng)