Asia’s gasoline refining profit margin rose on Thursday, but remained below $7 per barrel as a surprise build in U.S. stocks weighed on demand sentiment, analysts said.

The crack traded at $6.50 per barrel over Brent crude, up from $5.42 on Wednesday.

Singapore markets closed early on account of a public holiday on Friday.

In the naphtha market, the refining profit margin rose by $1.10 to $87 a metric ton over Brent crude in a steady backwardation of $4.50 a ton.

In deals, South Korea’s GS Caltex bought first-half September cargo of naphtha at a premium of $20-$24 per ton to MOPJ, a Dubai-based trader said.

Meanwhile, Middle Eastern traders Duqm and SOMO sold second-half September cargoes at a premium of $11.9 per ton and $21 per ton, respectively, to MOPJ, a Singapore-based trader said.

– Singapore oil products inventory data is due later in the day.

– Gasoline stocks USOILG=ECI rose by 1.3 million barrels in the week to 225.1 million barrels, the EIA said, compared with expectations for a 1 million-barrel draw.

– Oil prices edged higher for a third straight session over market anxiety about supply risks. Brent crude futures LCOc1 rose 6 cents, or 0.1%, to $78.39 a barrel by 0540 GMT, while U.S. West Texas Intermediate crude CLc1 gained 16 cents, or 0.2%, to $75.39.
Source: Reuters (Reporting by Haridas and Mohi Narayan; Editing by Subhranshu Sahu)