Asia’s naphtha refining profit margin rose on Wednesday after stocks at the Fujairah trading hub declined to a six-month low.

The crack rose to $93.53 per metric ton over Brent crude, compared to $86.13 a day earlier. The backwardation between second-half October and second-half November cargoes widened by $2 to $9 per ton.

Light distillate stocks at the Fujairah commercial hub declined by about 1 million barrels to 6.653 million barrels in the week to September 1, S&P Global Commodity Insights data showed.
In the gasoline market, price for the benchmark grade rose to over $81 per barrel on the back of firm demand, while supply remained tight.

NEWS

– Oil prices dipped but held near a one-month high ahead of a weekend meeting of OPEC+ producers on Sunday and as new U.S. sanctions on a network of shipping companies and vessels involved in Iranian oil exports raised supply concerns.
– OPEC+ will consider further raising oil production at a meeting on Sunday, two sources familiar with the discussions said, as the group seeks to regain market share.
– Shell will not resume construction of a biofuels facility at its Shell Energy and Chemicals Park in Rotterdam after an in-depth evaluation found it would not be competitive, the company said.
Source: Reuters