Asia’s gasoline refining profit margin remained stable on Wednesday, despite thin window activity, as hopes of lagging demand in key economies like China and India weighed on prices.
The crack traded at $9.26 per barrel over Brent crude, compared with $9.23 a day earlier.
In tenders, India’s MRPL offered two parcels of the higher 95-octane grade of gasoline, of 35,000 tons and 40,000 tons, respectively, for delivery during July 28-29 in a tender that closed on Thursday with same-day validity.
Vietnam’s Nghi Son offered 6,000 tons of on-specification polypropylene for delivery from July 20 to 31, with a tender closing on July 14, according to market participants.
In the naphtha market, energy trader BP bought 25,000 tons of second-half September cargo at $597 per ton, they added.
INVENTORIES
Stocks of light distillates at the Fujairah trading hub rose by 637,000 barrels to the highest level since May 19 at 8.124 million barrels in the week to July 7, S&P Global Commodity Insights data showed.
NEWS
Oil markets are absorbing OPEC+ production increases without building inventories, which means they are thirsty for more oil, United Arab Emirates’ Energy Minister Suhail al-Mazrouei said on Wednesday.
– Saudi Chemicals Group said it was studying strategic options for its National Industrial Gases Company, including an initial public offering, amid a broad review of its business.
SINGAPORE CASH DEALS
One naphtha trade.
Source: Reuters