Asia’s gasoline refining profit margin traded firm above $12 per barrel on Thursday even as window activity remained thin this week due to tight global balances, traders said.

The crack was steady at $12.06 per barrel over Brent and price for benchmark-grade of the fuel was assessed stable at about $79 a barrel.

Singapore-based gasoline traders and analysts said multiple outages at RFCCs in Africa, Malaysia and Australia is affecting supplies, while demand from Indonesia is firm.

“Broadly, demand is strong in Asia,” a fuel trader said.

INVENTORIES

Singapore light distillate stocks fell to a two-week low of 14.107 million barrels in the week to September 10, Enterprise Singapore data showed.

NEWS

– Oil prices held steady as worries over softening U.S. demand and broad oversupply risks were offset by concerns over attacks in the Middle East and the Russian war in Ukraine.
– Russia’s revenue from sales of crude oil and oil products declined in August to one of the lowest levels seen since the start of the conflict in Ukraine, the International Energy Agency said.

SINGAPORE CASH DEALS

Two naphtha trades.
Source: Reuters