Asia’s gasoline refining profit margin traded near a 21-month high on Wednesday amid tight supply-demand fundamentals due to several planned and unplanned outages, and firm Indonesian demand, traders said.

The crack was down to $16.02 per barrel from $16.25 over Brent crude in the previous session. A trade for the higher 95-octane grade gasoline emerged for a second straight day at the Singapore deals window.

In naphtha market, the refining profit margin was little changed amid thin activity at the trading window, although demand from South Korea remained firm, traders said.

In tenders, Qatar Energy offered full-range naphtha for December 8-10 and December 23-25 delivery in two tenders closing on Wednesday with same-day validity, market participants.

INVENTORIES

Light distillate stocks at the Fujairah commercial hub rose by about 1 million barrels to 7.787 million barrels in the week to November 10, S&P Global Commodity Insights data showed.

NEWS

– Global oil and gas demand could grow until 2050, the International Energy Agency said on Wednesday, departing from its previous expectations of a speedy transition to cleaner fuels and predicting that the world will likely fail to achieve climate goals.
– Saudi Arabia is expected to export at least 36 million barrels of crude oil to China, slightly less than the previous month, several sources with knowledge of the matter said.

SINGAPORE CASH DEALS

One gasoline trade.
Source: Reuters