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Asia Naphtha/Gasoline-Gasoline markets steady; Pertamina issues H2 term tender

Asia’s gasoline markets were steady on Thursday after gains stemming from a decline in U.S. inventories were offset by losses due to a rise in Singapore stocks.

The crack rose to $7.53 per barrel over Brent crude, compared with $7.46 a day earlier. Market sentiment also remained subdued due to lack of trades at the window for a fourth straight session.

Meanwhile, Indonesia’s Pertamina has invited offers for its term tender for delivery during July to December, minimum 1 cargo per month each of 90-octane or 92-octane grade, trade sources said. The tender closes on May 31.

The country is the Asia’s largest importer of gasoline.

INVENTORIES

Singapore light distillate stocks rose by 149,000 barrels to a two-week high of 15.256 million barrels in the week to May 15, Enterprise Singapore data showed.

U.S. gasoline stocks fell by 0.2 million barrels in the week ending May 10 to 227.8 million barrels, the Energy Information Administration (EIA) said, compared with analysts’ expectations in a Reuters poll for a 0.5 million-barrel build.

NEWS

– Russia’s seaborne oil product exports in April fell 14.6% from the previous month to 8.415 million metric tons due to seasonal and unplanned maintenance at refineries and a fuel export ban, data from industry sources and Reuters calculations showed.

– U.S. oil major Exxon Mobil’s 250,000 barrel-per-day Joliet refinery in Illinois completed planned maintenance and is in the process of restarting operations, a spokesperson confirmed on Wednesday.
Source: Reuters (Reporting by Mohi Narayan; Editing by Vijay Kishore)

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