Asia’s gasoline refining margin gained about 19% this week due to regional refinery outages and a decline in inventories at key trading hubs, market participants said.

The crack traded at $12.34 per metric ton over Brent crude on Friday, compared with $11.92 a day earlier.

Gasoline stocks at the Amsterdam-Rotterdam-Antwerp (ARA) commercial hub fell by 2.6% to 1.19 million tons in the week to October 9, Insights Global data showed.

Earlier in the week, U.S. and Singapore inventories registered large decreases.

Meanwhile, the U.S. sanctioned China’s Shandong Jincheng Petrochemical Group, which it said is an independent teapot refinery in Shandong Province that has purchased millions of barrels of Iranian oil since 2023.

In the naphtha market, the backwardation between prompt and front-month prices remained steady at $10 a ton.

NEWS

– Nayara’s ongoing crisis has dragged the Indian government into the position of providing enough support to keep it operating while avoiding moves that could provoke a Western backlash, government and company sources have said.

– Saudi Arabia’s crude oil exports to China are set to fall in November to about 40 million barrels as refiners are expected to switch to cheaper spot supply from other Middle East producers, several sources with knowledge of the matter said.

SINGAPORE CASH DEALS

One naphtha and one gasoline trade.
Source: Reuters