Asia’s naphtha refining profit margin gained on Thursday after prices of the oil product weakened in tandem with crude oil benchmarks, but window activity remained thin for a fifth consecutive session.
The crack rose by about $7 to $89.83 per metric ton over Brent crude. The price for first-half June naphtha declined to $589.25 a ton in a steady backwardation of $9 per ton.
In gasoline market, the refining profit margin was steady at about $9 per barrel over Brent crude due to tepid window activity.
Gains emerging from a larger-than-expected draw in U.S. inventory were offset by a rise in Singapore stockpiles.
U.S. gasoline stocks (USOILG=ECI) fell by 4.5 million barrels in the week to 229.5 million barrels in the week ended April 18, the EIA said, compared with analysts’ expectations for a 1.4 million-barrel draw.
Singapore light distillate stocks rose by 1.128 million barrels to a two-week high of 15.62 million barrels in the week to April 23, data from Enterprise Singapore showed.
NEWS
– Oil prices recovered some losses on Thursday after falling nearly 2% in the previous session, with investors weighing a potential OPEC+ output increase against conflicting tariff signals from the White House and ongoing U.S.-Iran nuclear talks.
– India’s capital New Delhi plans to limit gasoline- and diesel-powered cars a family can buy as well as ban sales of fuel-guzzling motorbikes and scooters, according to a draft policy aimed at cleaning up one of the world’s most polluted cities.
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Source: Reuters