Asia’s gasoline margins climbed above $10 on Thursday, as overall demand continued to rise on the back of a seasonal jump.

The crack jumped to $10.21 per barrel over Brent crude, from $9.09 on Wednesday.

In naphtha, the margins climbed by $2.65 to $82.83 per metric ton over Brent crude.

The backwardation between second-half January and second-half February narrowed to $1.75.

NEWS

Oil prices were mostly stable ahead of an OPEC+ meeting later in the day, with investors waiting to see what the producer group would do next on supply cuts while also monitoring geopolitical tension in the Middle East.

The oilfield service sector is poised for more consolidation in 2025, according to Deloitte’s 2025 Oil and Gas Industry Outlook, with President-elect Donald Trump expected loosen regulations on the U.S. oil and gas industry.

INVENTORIES

Singapore’s light distillate stocks rose by 691,000 barrels to a two-week high of 14.035 million barrels in the week ending Dec. 4, data from Enterprise SG showed.

U.S. gasoline stocks rose by 2.4 million barrels to 214.6 million barrels, and distillate stockpiles USOILD=ECI rose by 3.4 million barrels 118.1 million barrels in the week ending Nov. 29, the Energy Information Administration said on Wednesday.

SINGAPORE CASH DEALS

Two gasoline deal and no naphtha trade.
Source: Reuters (Reporting by Haridas; Editing by Varun H K)