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Asia Naphtha/Gasoline-Gasoline dips on thin trade; oil demand outlook seen bearish

Asia’s gasoline prices GL92-SIN edged lower on Wednesday as refining margins remained weak while no trade was done at the physical window.

On the naphtha front, cracking margins NAF-SIN-CRK continued to stay little changed at $38.25 per metric ton, as the market was waiting for clarity on oil supply policy from the OPEC+ group and on demand outlook.

An OPEC technical panel invited a top financial market dealer to give a presentation this week which painted a bearish outlook for the oil market, according to materials from the presentation seen by Reuters.

NEWS

– Oil prices stayed within a narrow range on Wednesday in quiet pre-U.S. Thanksgiving holiday trading, as the market awaited news on output cuts from the OPEC+ producers group and looked for confirmation of a sharp build-up in U.S. crude stocks.
– Russia will soon lift remaining restrictions on diesel fuel exports, Deputy Prime Minister Alexander Novak said on Wednesday speaking in the upper house of the parliament.
– Oil prices are at a good level and the market is balanced, Russian Deputy Prime Minister Alexander Novak told reporters on Wednesday.

SINGAPORE CASH DEALS O/AS

– No deals for gasoline or naphtha.
Source: Reuters (Reporting by Muyu Xu; Editing by Mrigank Dhaniwala)

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