Asia’s refining margin for gasoline held steady near $10 per barrel on Thursday, with declines limited by recent support from western markets as well as upcoming regional planned maintenances.
The crack for the motor fuel (GL92-SIN-CRK) rose slightly from the previous session to $9.90 a barrel.
Exports from China are also likely to remain capped amid little incentive to raise runs due to lukewarm margins, a light distillates trading source said.
Meanwhile, the margin for naphtha (NAF-SIN-CRK) closed lower on Thursday at $107.30 a metric ton. Demand outlook is cautious amid capped petrochemical margins, another industry source said.
In Singapore, light distillate stocks eased by 94,000 barrels to 16.3 million barrels in the week ended February 12, after building to a 21-month high in the previous week, Enterprise Singapore data showed.
Elsewhere, U.S. East Coast gasoline inventories rose by 1.2 million barrels to 66.7 million barrels in the week ended February 7, the highest since July 2021, according to U.S. EIA data.
NEWS
Oil prices fell on Thursday on expectations that a potential peace deal between Ukraine and Russia would end sanctions that have disrupted supply flows, while crude inventories rose in top producer the United States.
Russia’s Volgograd oil refinery, which had halted operations following a Ukrainian drone attack on February 3, has partially resumed processing, three industry sources told Reuters.
A consortium led by Exxon Mobil has requested environmental permits from Guyana for its eighth project, the first that will generate gas not linked to oil production, and to explore another well at its massive offshore block, the head of the U.S. oil major in Guyana said.
Chevron will lay off 15% to 20% of its global workforce by the end of 2026, the U.S. oil company said on Wednesday as it seeks to cut costs, simplify its business, and complete a major acquisition.
SINGAPORE CASH DEALS
One naphtha trade, one octane-92 gasoline trade.
Source: Reuters