Asia’s gasoline refining margin rose to a four-week high on Tuesday as 300,000 barrels of the benchmark octane traded.

The crack rose to $6.69 per barrel over Brent crude from $5.01 on Monday. The crack last hit a high of $7.02 on Aug. 6.

In the naphtha market, the crack rose $4.85 to reach a week’s high of $92.43 per metric ton over Brent crude, buoyed by a steady supply from arbitrage exporters circumventing Russian supply disruptions. The crack last hit $97.88 on Aug. 22.

NEWS

Top oil exporter Saudi Arabia is expected to cut prices for most of the crude grades it sells to Asia in October after Middle East benchmark Dubai slumped last month.

OPEC oil output fell in August to its lowest since January, as unrest that disrupted Libyan supply added to the impact of ongoing voluntary supply cuts by other members and the wider OPEC+ alliance. OPEC pumped 26.36 million barrels per day last month, down 340,000 bpd from July, the lowest total since January.

Brent oil prices declined on Tuesday as sluggish economic growth in China, the world’s biggest crude importer, increased demand concerns. Brent crude futures fell 92 cents, to $76.62 a barrel. West Texas Intermediate crude CLc1 futures, which did not settle on Monday because of the U.S. Labor Day holiday, were down 25 cents, at $73.30.

SINGAPORE CASH DEALS

Five gasoline deals and one naphtha trade.
Source: Reuters (Reporting by Haridas; Editing by Shreya Biswas)