SINGAPORE: Gasoline margins in Asia dipped on Wednesday amid expectations of more refined product export quotas from China.
The front-month gasoline crack fell by 82 cents day-on-day to $6.58 a barrel, despite a drop in crude prices in Asia trading hours.
Meanwhile, the front-month naphtha crack jumped by $23.72 to a discount of $22.78 a tonne on Wednesday, though bearish fundamentals are likely to keep the crack in discounts instead of premiums for the near term.
Reflecting ample supply, the front-month market structure for naphtha held steady in a contango of $2 a tonne on Wednesday.
Stocks of light distillates at the Fujairah Oil Industry Zone (FOIZ) rose by 291,000 barrels to 7.36 million barrels in the week ended Sept. 12, S&P Global Commodity Insights data showed.
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