Asia’s naphtha refining profit margin rose to the highest level since Aug. 24 on Thursday, after crude oil prices slipped and underlying prices declined by $8.50 per ton.

The crack rose by about $7 to $40.05 per ton over Brent crude, while the backwardation narrowed by 75 cents to $3.25 a ton.

Meanwhile, Kuwait Integrated Petroleum Industries Company (KIPIC) CEO Walid al-Badr told Reuters it has adequate stock of refined products for domestic and export contracts despite an almost complete shutdown of the al-Zour refinery last week.

The company is working to restore operations at the refinery within 10 days, he added.

INVENTORIES

Singapore stocks of light distillates jumped by 1.286 million barrels to a 10-week high of 13.433 million barrels in the week to Nov. 15, government data showed.

The city-state imported about 186,000 tons of gasoline from China and exported over 200,000 tons to Indonesia, the data showed. Russian naphtha arrivals stood at 66,200 tons in the week.

NEWS

– India has cut the windfall tax on crude oil to 6,300 Indian rupees ($75.70) a tonne from 9,800 rupees a tonne while cutting the diesel windfall tax to 1 rupee per litre from 2 rupee per litre, a government notification said. The windfall tax on gasoline and aviation turbine fuel (ATF) remained unchanged at zero, it added.

– BP agreed to sell its shares in BP Turkey Refining and BP Petrolleri to Vitol’s Petrol Ofisi for an undisclosed sum, Vitol said on Thursday.

SINGAPORE CASH DEALS O/AS

Two gasoline deals, no naphtha trades.
Source: Reuters (Reporting by Mohi Narayan; Editing by Shailesh Kuber)