Asia’s gasoline refining profit margin hovered near a 19-month high on Wednesday due to several regional outages and expectation of lower supplies from key exporters.

The crack traded at $15.18 per barrel over Brent crude.

“The strength in the market is attributable to refinery and supply side issues, it is more cumulative,” a Singapore-based trader said.

In naphtha market, the crack jumped to $101.23 per metric ton over Brent crude on Wednesday in a steady backwardation of $7.75 per ton.

INVENTORIES

Light distillate stocks at the Fujairah trading hub rose by 70,000 barrels to 7.949 million barrels in the week to October 27, S&P Global Commodity Insights data showed.

NEWS

– India’s state-run refiner Mangalore Refinery and Petrochemicals Ltd has no immediate plans to buy Russian oil due to risks involved after the latest U.S. sanctions on Moscow’s top oil producers, a company executive told reporters on Wednesday.
– Indian Oil plans to sign a deal early next year to form a joint venture with global trader Vitol as the state-run refiner seeks to expand its footprint in international crude and fuel trading, according to a source with direct knowledge of the matter.

SINGAPORE CASH DEALS

One gasoline trade.
Source: Reuters