Asia’s naphtha margins hit a 10-dayhigh on Thursday, as stronger regional demand boosted the market after some refineries came back online following maintenance.
The crack climbed to $114.38 per metric ton over Brent crude, its highest since Oct. 14.
In gasoline, margins inched higher to $4.10 per barrel over Brent crude even as no deals were concluded at the end of the trade window.
In tenders, Pakistan’s PSO was seeking the benchmark grade of gasoline for the loading period of Dec. 13-15, according to the company’swebsite. The tender closes on Nov. 4.
Singapore light distillates stocks fell by 847,000 barrels to a 45-week low of 12.046 million barrels in the week ending Oct. 23, data from Enterprise Singapore showed.
U.S. gasoline stocks USOILG=ECI rose by 900,000 barrels to 213.6 million barrels, in the week ending Oct. 23. Distillate stockpiles USOILD=ECI fell by 1.1 million barrels in the week to 113.8 million barrels, data from the Energy Information Administration showed.
NEWS
Oil prices climbed by around 1% on Thursday, reversing some of the previous session’s losses, as Middle East tensions kept the market on edge ahead of the U.S. presidential election and expectations of strong distillates demand in fourth quarter.
Equinor EQNR.OL reported a sharper-than-expected 13% decline in third-quarter profit on Thursday, hit by weaker oil prices and lower production, and cut its full-year outlook for capital expenditure and renewable energy production growth.
SINGAPORE CASH DEALS O/AS
One naphtha trade and no gasoline deal.
Source: Reuters (Reporting by Haridas; Editing by Susan Fenton)