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Asia Naphtha/Gasoline-Naphtha margin slips for third straight day

Asia’s naphtha refining profit margin fell for a third consecutive session on Friday amid volatility in crude oil benchmarks.

The crack fell by $3.50 to $58 per metric ton over Brent crude in a steady backwardation of $8.25 a ton.
In tenders, an Indonesian refiner sought 44,000 tons of naphtha for mid-August delivery, market sources said. The tender closes on June 13.

The gasoline refining profit margin was steady below $7 per barrel over Brent crude amid abundant supplies in the region and slow demand in the United States.
India’s sales of gasoline in May rose 2.4% from the previous year to 3.43 million tons, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed on Friday.

In China, exports of refined oil products, which include diesel, gasoline, aviation fuel and marine fuel, grew 9.49% from a year earlier to 5.35 million, and also up from 4.55 million tons in April, official data showed.

Gasoline stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub fell by over 10% to 890,000 metric tons during the week to Thursday, data from Dutch consultancy Insights Global showed. ARA/
– Oil ticked higher on Friday, finding support from OPEC+ members Saudi Arabia and Russia indicating readiness to pause or reverse oil output increases, but crude was still headed for its third straight weekly loss on demand concerns. O/R

– Saudi Arabia is poised to raise more than $11.2 billion selling shares in oil giant Aramco 2222.SE to help fund its spending plans, after pricing the stock at the lower end of expectations, the company said on Friday.

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

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