Asia Naphtha/Gasoline-Gasoline margin nosedives to December lows
Asia’s gasoline refining profit margin plunged to the lowest since December 2022 on Wednesday amid thin trade and tracking the persisting weakness in global markets.
The crack GL92-SIN-CRK slipped to $5.23 per barrel over Brent crude, the lowest level since Dec. 22 last year, compared with $7.67 a day earlier.
The naphtha crack NAF-SIN-CRK also plummeted by about $8 to $2.73 a metric ton as crude prices rose by $1.
In tenders, Bahrain’s BAPCO should 50,000 tons of naphtha for Nov. 1-4 loading from Sitra at a premium of about $22-26 per ton, market sources said.
Indian Oil sold 55,000 tons of naphtha for Sept. 27-28 loading from Chennai to energy trader Trafigura, sources said. India’s MRPL sold 25,000 tons of reformate for loading during Oct 7-11 to Glencore, they said.
– China’s oil products exports are set to rise in October as state-owned refiners capitalise on lucrative margins and some western demand, while international flights recover, industry sources and analysts said.
– Russian wholesale gasoline Ai-92 grade prices rose 1.5% to 57,854 roubles ($600) per metric ton on Wednesday, according to exchange data, after the government eased fuel export restrictions.
SINGAPORE CASH DEALS O/AS
Source: Reuters (Reporting by Mohi Narayan; Editing by Sohini Goswami)