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Asia Naphtha/Gasoline-Gasoline margin down tracking U.S. markets

Asia’s gasoline refining profit margin slumped on Wednesday mirroring losses in U.S. markets, while hopes of higher supplies from China on the back of new export quotas continued to batter market sentiment.

The crack GL92-SIN-CRK was down by $1.45 to $12.84 per barrel over Brent crude. A rally in crude prices also weighed on margins.

At the physical window, a total of 100,000 barrels of benchmark-grade of gasoline changed hands. There were no trades for naphtha against two offers and no bids.

“Higher gasoline exports from China, coupled with some 560,000 barrels per day of refining capacity returning from planned maintenance in October and November, will ease the supply tightness in Asia,” energy consultancy FGE said in a note.

Meanwhile, the 92-octane grade of the fuel continued to trade above $102 per barrel amid hopes of firm demand at the end of the month, market participants said.

NEWS

– The Kremlin on Wednesday said that Russian President Vladimir Putin had spoken by phone with Saudi Crown Prince Mohammed bin Salman, and that recent agreements on supply cuts had ensured stability on global energy markets.

– TotalEnergies was restarting the large crude distillation unit (CDU) at its 238,000 barrel-per-day (bpd) Port Arthur, Texas, refinery on Tuesday, said people familiar with plant operations.

– The G7 and allies have shelved regular reviews of the Russian oil price cap scheme, people familiar with the matter told Reuters, even though most Russian crude is trading above the limit because of a rally in global crude prices.
Source: Reuters (Reporting by Mohi Narayan; Editing by Sonia Cheema)

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