Asia’s gasoline margins rose for the fourth consecutive session on Wednesday as demand increased with regional refineries returning online after their turnarounds.

The crack climbed to $5.79 per barrel over Brent crude, its highest since Nov. 6.

Naphtha crack improved to a one-week high of $90.43 per metric ton over Brent crude, its highest since Nov. 13.

Demand for naphtha is expected to rise in the coming week as two new crackers in China, with a combined capacity of 2.7 million metric tons per year, begin commercial operations.

INVENTORIES

Singapore’s light distillate stocks rose by 326,000 barrels to a three-week high of 18.349 million barrels in the week ended Nov. 13, data by Enterprise Singapore showed. O/SING

U.S. gasoline inventories fell 2.48 million barrels, and distillate stocks dropped 688,000 barrels, market sources said, citing American Petroleum Institute figures on Tuesday.

NEWS

Oil was broadly stable for a second day on Wednesday as concerns about escalating hostilities in the Ukraine war potentially disrupting oil supply from Russia and signs of growing Chinese crude imports offset data showing U.S. crude stocks rising.

SINGAPORE CASH DEALS

Five gasoline deals and no naphtha trade.
Source: Reuters (Reporting by Haridas; Editing by Sherry Jacob-Phillips)