Asia’s gasoline refining profit margin plunged to the lowest since December 2022 on Wednesday amid thin trade and tracking the persisting weakness in global markets.

The crack GL92-SIN-CRK slipped to $5.23 per barrel over Brent crude, the lowest level since Dec. 22 last year, compared with $7.67 a day earlier.

The naphtha crack NAF-SIN-CRK also plummeted by about $8 to $2.73 a metric ton as crude prices rose by $1.

In tenders, Bahrain’s BAPCO should 50,000 tons of naphtha for Nov. 1-4 loading from Sitra at a premium of about $22-26 per ton, market sources said.

Indian Oil sold 55,000 tons of naphtha for Sept. 27-28 loading from Chennai to energy trader Trafigura, sources said. India’s MRPL sold 25,000 tons of reformate for loading during Oct 7-11 to Glencore, they said.

NEWS

– China’s oil products exports are set to rise in October as state-owned refiners capitalise on lucrative margins and some western demand, while international flights recover, industry sources and analysts said.

– Russian wholesale gasoline Ai-92 grade prices rose 1.5% to 57,854 roubles ($600) per metric ton on Wednesday, according to exchange data, after the government eased fuel export restrictions.

SINGAPORE CASH DEALS O/AS

No trades.
Source: Reuters (Reporting by Mohi Narayan; Editing by Sohini Goswami)