Asia’s gasoline margins fell on Tuesday, as 50,000 barrels of the benchmark grade of octane exchanged hands at the closing window.

The crack inched lower to $5.84 per barrel over Brent crude, from $6.72 seen on Monday.

Traders said weak margins are likely in the short term and expect a potential cap in supply to stabilise the market.

In the naphtha market, the margin inched higher by $2.65 to $98.55 per metric ton over Brent crude.

The backwardation between first-half November and first-half December narrowed to $2.75.

NEWS

Oil prices rose on news of monetary stimulus from top importer China and concerns that tensions in the Middle East could hit regional supply, while a major hurricane loomed over the United States, the world’s biggest crude producer.

Brent crude futures LCOc1 for November were up 84 cents, or 1.14%, at $74.74 a barrel. U.S. WTI crude futures CLc1 for November rose 92 cents, or 1.31%, to $71.29.

SINGAPORE CASH DEALS

One gasoline trade and no naphtha deal.
Source: Reuters (Reporting by Haridas)