Asia’s naphtha margins fell for the fourth consecutive session on Friday, hitting a more than three-week low.

The crack fell by $3.63 to $104.65 per metric ton over Brent crude, its lowest since Sept. 26.

Meanwhile, gasoline margins leaped to a three-week high of $6.59 per barrel over Brent crude, their highest since Sept. 23.

In tenders, Pakistan’s PSO was seeking 92-octane gasoline for Dec. 6-13 loading, the company’s website showed. The tender closes on Oct. 28.

Gasoline inventories in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage fell to 1.047 million tons in the week ending Oct. 17, data from Dutch consultancy Insights Global showed. Naphtha stocks at the ARA hub rose to 596,000 tons.

NEWS

Oil futures steadied on Friday after data showed a fall in crude and fuel inventories in the United States and the emergence of more fiscal stimulus to boost China’s economy, though prices were headed for their biggest weekly loss in more than a month.

China’s refinery output fell 5.4% last month versus a year earlier, official data showed on Friday, declining for a sixth consecutive month even with the start-up of a new plant as weak fuel consumption and skinny refining margins curbed processing.

Egyptraised fuel product prices on Friday for the third time this year as it continues to cut back on diesel and gasoline subsidies, but said it would cover the additional energy costs for bakers of subsidised bread.
Source: Reuters (Reporting by Haridas; Editing by Varun H K)