Asia’s naphtha cracks continued to rebound on Thursday as the crude oil price plunged after the U.S. removed sanctions on Venezuelan oil.

The crack for Asian gasoline rose to $4.16 a barrel over Brent crude on Thursday, up from $2.11 a barrel a day earlier, as more refineries in the region are shut for overhaul and would reduce the amount of refined products flowing into the market.

Russia’s fuel export ban led to an 80% fall in railway exports of gasoline in the first 15 days of October from the same period in September to some 37,000 tonnes, data provided by two market sources and Reuters calculations showed.

ASIAN REFINERIES
Japan’s biggest refiner, Eneos Corp, has permanently shut down the 120,400 barrels-per-day (bpd) crude distillation unit (CDU) at its Wakayama refinery in western Japan on Oct. 16 as planned, a company spokesperson said on Thursday.

Japan’s Cosmo Oil, a unit of Cosmo Energy Holdings, shut down the 75,000 barrels-per-day (bpd) No.1 crude distillation unit (CDU) at the Chiba refinery, near Tokyo, on Oct. 7 for planned maintenance, a company spokesperson said on Thursday.

SINGAPORE CASH DEALS
– No gasoline deal, no naphtha deal

NEWS
– Oil prices fell on Thursday, reversing gains in the previous session, after OPEC showed no signs of supporting Iran’s call for an oil embargo on Israel and as the United States plans to ease Venezuela sanctions to allow more oil to flow globally.

– The Biden administration on Wednesday broadly eased sanctions on Venezuela’s oil sector in response to a deal reached between the government and opposition parties for the 2024 election – the most extensive rollback of Trump-era restrictions on Caracas.

– Russia’s oil exports via its western sea ports in November may fall by some 300,000 barrels per day (bpd) after ample supplies in September-October as domestic refineries are expected to raise runs as seasonal maintenance ends, three sources familiar with the plans said.
Source: Reuters (Reporting by Muyu Xu; Editing by Shweta Agarwal)