Asia’s gasoline margins fell for a fourth consecutive session on Thursday.

The crack fell to $5.18 per barrel over Brent crude, from $5.25 on Wednesday.

In tenders, Pakistan’s PSO was seeking the benchmark grade of gasoline for the loading period of Nov. 13-20, the company said on its website. The tender closes on Oct.7.
In naphtha, the margins strengthened by $7.98 to over a week’s high of $106.48 per metric ton over Brent crude. The crack last hit $104.48 on Sept. 19.

The backwardation between first-half November and first-half December narrowed to $2.25.

INVENTORIES

Singapore light distillates stocks rose by 378,000 barrels to a two week high of 14.463 million barrels in the week ending Sept. 25, data from Enterprise Singapore showed.

U.S. gasoline stocks USOILG=ECI fell by 1.5 million barrels in the week to 220.1 million barrels, more than the expected 21,000-barrel draw down in the week ended Sept. 20, the Energy Information Administration (EIA) said. Distillate stockpiles USOILD=ECI, fell by 2.2 million barrels in the week to 122.9 million barrels, the report added.

NEWS

Oil prices slumped on Thursday, reversing earlier gains, on news Saudi Arabia, the world’s biggest crude exporter, will give up on its price target in preparation for raising output. Brent LCOc1 crude futures were down $1.89, or 2.57%, at $71.57 a barrel, while U.S. West Texas Intermediate crude CLc1 fell $1.83 cents, or 2.63%, to $67.86 per barrel.

Russia expects “serious” growth potential in global oil demand through to 2050. Vedomosti newspaper earlier this month reported that the energy ministry expected Russia to produce 540 million metric tons of oil in 2030 (10.8 million barrels per day), up from 531 million tons in 2023.

State oil giant Saudi Aramco 2222.SE has raised $3 billion from two-part Islamic bonds, or sukuk, tapping the debt markets for the second time this year.
Source: Reuters (Reporting by Haridas; Editing by Eileen Soreng)