Asia’s naphtha prices for prompt and front months extended declines on Wednesday after crude oil benchmarks weakened over fears of abundant supply.

The refining profit margin for naphtha declined by about $2 to $96.78 per ton over Brent crude in a backwardation of $8.75 a ton.

In the gasoline market, the crack climbed to $11.52 a barrel over Brent crude amid persistent tight balances in the region triggered by lower exports from China and firm demand from Indonesia, market participants said.

At the trading window, demand for 95-octane grade of gasoline remained firm, with energy traders Unipec and Vitol snapping up 50,000 barrels of the fuel each for late October delivery, they added.

NEWS

– Russia has imposed a partial ban on diesel exports and extended an existing gasoline export ban until the end of the year, the government said.
– Exxon Mobil Corp expects to cut staff numbers in Singapore by 10% to 15% and move its office to its Jurong plant on the island by the end of 2027, the company said on Wednesday, in a global restructuring effort.
– Spot premiums for Middle East crude oil unexpectedly slumped and rebounded at the end of September despite stockpiling demand from top importer China, as there were ample supplies in Asia from Russia, Gulf producers and other regions, traders said.

SINGAPORE CASH DEALS

Two gasoline trades.
Source: Reuters