Asia’s gasoline margins climbed up on Friday, as 200,000 barrels of the benchmark grade of the octane was traded at the end of the window.
Saudi Aramco is on a selling spree and was again the main seller in the market as part of all the 92-gasoline trades that were conducted on Friday.
The crack climbed for the third consecutive session, to $4.15 per barrel over Brent crude from $3.68 on Thursday.
In naphtha, the crack inched up by $1.90 to settle at $122.38 per metric ton over Brent crude, its highest since Dec. 18, 2023.
NEWS
Oil prices rose further on Friday and were on track for strong weekly gains as investors weighed the prospect of a wider Middle East conflict disrupting crude flows against a well-supplied global market. Brent crude futures LCOc1 were up 55 cents, or 0.7%, at $78.17 a barrel. U.S. West Texas Intermediate crude futures CLc1 were up 50 cents, also 0.7%, at $74.21 a barrel.
World gas demand will reach an all-time high in 2025 driven by growth in Asia, but delays to new liquefied natural gas production will curb supply, the International Energy Agency said on Thursday.
A slump in oil prices probably reduced Exxon Mobil’s XOM.N third-quarter upstream earnings by $600 million to $1 billion, the oil major signaled in a regulatory filing published on Thursday.
INVENTORIES
U.S gasoline stocks USOILG=ECI increased by nearly 4% to 970,000 tons as demand softened and exports slowed in the week ending Oct. 3, the Energy Information Administration said in its report.
SINGAPORE CASH DEALS
Five gasoline deals and no naphtha trade.
Source: Reuters (Reporting by Haridas; Editing by Mrigank Dhaniwala)