Asia’s gasoline margins dipped to an almost two-week low even as 250,000 barrels of 92-octane gasoline exchanged hands at the closing window.
The crack dipped to $4.32 per barrel over Brent crude, its lowest since Nov. 1.
South Korea’s SK Energy International emerged as the most active seller, offering 80% of the total sales of 92-octane gasoline conducted today.
In naphtha, the margins dipped by $2.68 to $96.15 per metric ton over Brent crude.
The backwardation between second-half December and second-half January narrowed to $1.50.
At the Fujairah commercial hub, light distillate stocks, including naphtha and gasoline, rose by 75,000 barrels to 6.001 million barrels in the week ending Nov. 11, S&P Global Commodity Insights data showed.
NEWS
Oil prices inched higher on Wednesday, underpinned by signs of near-term supply tightness but held near their lowest in two weeks, a day after OPEC downgraded its forecast for global oil demand growth in 2024 and 2025.
U.S. oil and gas firm Occidental Petroleum OXY.N beat Wall Street estimates for third-quarter profit on Tuesday, but overall earnings fell 14% on losses from asset sales and a drop in chemical results.
SINGAPORE CASH DEALS O/AS
Five gasoline deals and four naphtha trade.
Source: Renters (Reporting by Haridas; Editing by Vijay Kishore)