Asia’s gasoline margins slipped for the third consecutive session on Friday, as excess regional supplies continue to weigh down margins, even as 450,000 barrels of the benchmark grade of octane exchanges hands at the closing window.
The crack dipped to $4.25 per barrel over Brent crude, from $7.86 on Wednesday.
In tenders, Pakistan’s PSO was seeking 92-octane gasoline for the loading period of Dec. 13-15, the company website listed. The tender closes on Nov. 4.
PSO was seeking an additional cargo of the 92-octane gasoline for the loading period of Dec. 15-20. The tender closes on Nov. 11.
In naphtha, the margins dipped by $3.71 to $4.25 per metric ton over Brent crude.
INVENTORIES
Gasoline stocks independently held in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub fell by less than 1% to 1.09 million tons as exports picked up, in the week ending Oct. 31, data from Dutch consultancy Insights Global showed. Naphtha stocks fall to 537,000 tons from previous week’s 590,000 tons.
NEWS
Oil prices extended gains on Friday, climbing more than $1 a barrel to pare weekly losses after reports Iran was preparing a retaliatory strike on Israel from Iraq in the coming days.
Top oil exporter Saudi Arabia may cut prices for most of the crude grades it sells to Asia in December, tracking weakness in Middle East benchmark Dubai, trade sources said.
SINGAPORE CASH DEALS O/AS
Seven gasoline deals and no naphtha trade
Source: Reuters (Reporting by Haridas; Editing by Tasim Zahid)