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Asia Naphtha/Gasoline-Naphtha crack rises; Singapore stocks fall

Asia’s naphtha refining profit margin rose on Thursday after prices of the product fell in tandem with crude oil benchmarks, although downstream petrochemical demand remained tepid.

The crack rose by about $4 to $44.28 per metric ton over Brent crude. The price for first-half June naphtha fell by $17 to $696.25 per ton in a narrow backwardation of $3 a ton.

Meanwhile, Singapore light distillate stocks fell by 2.305 million barrels to 13.75 million barrels in the week to April 17, government data showed.

U.S. gasoline stocks fell by 1.2 million barrels in the week to 227.4 million barrels, the Energy Information Administration said, compared with analysts’ expectations in a Reuters poll for a 0.9 million-barrel draw.​

NEWS

– India imported 232.5 million metric tonnes (MMT) of crude oil in the financial year 2023-24, compared with 232.7 MMT the prior fiscal year, provisional government data showed on Wednesday.

– Venezuela’s loss of a key U.S. license that allowed it to export oil to markets around the world and secure investment is expected to hit the volume and quality of its crude and fuel sales while prompting a flurry of requests for individual U.S. deal authorisations.

– Oil prices were little changed after a 3% drop in the previous session as the market remains concerned about demand this year and on signs that a wider conflict in the key Middle East producing region could be avoided.

SINGAPORE CASH DEALS

Two gasoline trades, no naphtha deals.
Source: Reuters (Reporting by Mohi Narayan; Editing by Shounak Dasgupta)

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