Sept 25 (Reuters) - Asia's gasoline margins inched further down for the fourth consecutive session on a bleak Wednesday, as no deals concluded at the end of the trade window.
The crack fell to $5.25 per barrel over Brent crude, from $5.84 on Tuesday.
In tenders, Pakistan's PSO was seeking 92-octane gasoline and 95-octane gasoline for the loading period of Nov. 11-13, the company website stated. The tender closes on Sept. 30.
In the naphtha market, the margins edged lower to $98.50 per metric ton over Brent crude.
The backwardation between first-half November and first-half December narrowed to $2.50.
INVENTORIES
Light distillate stocks, including naphtha and gasoline, at the Fujairah commercial hub fell 891,000 barrels to 4.674 million in the week to Sept. 23, S&P Global Commodity Insights data showed.
Gasoline inventories fell by 3.44 million barrels, and distillate stocks fell by 1.12 million barrels, according to market sources citing the American Petroleum Institute.
NEWS
Oil prices were little changed on Wednesday as investors reassessed the ability of China's stimulus plans to boost its economy, while declining U.S. crude oil and fuel stockpiles provided support. Brent crude futures were down 8 cents, or 0.1%, at $75.09 a barrel. U.S. West Texas Intermediate crude
was down 13 cents, or 0.2%, at $71.43 per barrel.
OPEC raised its forecasts for world oil demand for the medium and long term in an annual outlook, citing growth led by India, Africa and the Middle East and a slower shift to electric vehicles and cleaner fuels.
Global energy major BP said on Wednesday it is holding a board meeting in India this week, as it scouts for more opportunities in the country, as India, the world's third-biggest oil importer and consumer, wants to quickly raise its oil and gas output.
SINGAPORE CASH DEALS
No deals reported.
PRICES
CASH ASIA CLOSE Change Prev Close RIC
OSN Naphtha CFR Japan M1 661.00 0.25 660.75
($/mt)
OSN Naphtha CFR Japan M2 658.50 0.50 658.00
($/mt)
OSN Naphtha Diff ($/mt) 2.50 -0.25 2.75 <NAF-TYO-DIF
>
Naphtha Netback FOB Sing 71.44 0.07 71.37
($/bbl)
Naphtha Diff FOB Sing 0.40 0.00 0.40 <NAF-SIN-DIF
>
Naphtha-Brent Crack 98.50 -0.05 98.55 <NAF-SIN-CRK
($/mt) >
Gasoline 97 ($/bbl) 85.19 -0.55 85.74
Gasoline 95 ($/bbl) 84.75 -0.55 85.30
Gasoline 92 ($/bbl) 80.25 -0.55 80.80
Gasoline crack ($/bbl) 5.25 -0.59 5.84 <GL92-SIN-CR
K>
For a list of derivatives prices, including margins, please double click the
RICs below.
Brent M1
Naphtha CFR Japan M1 <NACFRJPSWMc1
>
Naphtha CFR Japan M1/M2 <NACFRJPSDMc1
>
Naphtha CFR Japan M2 <NACFRJPSWMc2
>
Naphtha Japan-Sing <NAPTC4SPDMc1
Netback M1 >
Naphtha Japan-Sing <NAPTC4SPDMc2
Netback M2 >
Naphtha FOB Sing M1 <NAFOBSGSWMc1
>
Naphtha FOB Sing M1/M2 <NAFOBSGSDMc1
>
Naphtha FOB Sing M2 <NAFOBSGSWMc2
>
Naphtha Cracks M1 <NACFRJPCKMc1
>
East-West Naphtha M1
East-West Naphtha M2
NWE Naphtha M1
NWE Naphtha M1/M2 <NAPCNWEASMc1
>
NWE Naphtha M2
Crack NWE Naphtha-Brent <NAPCNWEACMc1
M1 >
Crack NWE Naphtha-Brent <NAPCNWEACMc2
M2 >
*Sing refers to
Singapore
(Reporting by Haridas; Editing by Shreya Biswas)
((Haridas.X@thomsonreuters.com;))
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