SINGAPORE, Jan 9 (Reuters) - Asia's naphtha refining crack steadied on Thursday after sliding to its lowest in a month in the previous session.
The crack closed at $92.78 a barrel on Thursday, up more than $3 from Wednesday.
Meanwhile, inventories of light distillates in Singapore were down week on week, the latest data showed.
Stocks of light distillates in Singapore dipped 3.9% to 15.42 million barrels in the week to Jan. 8, based on data from Enterprise Singapore.
In the gasoline market, U.S. stockpiles rose by 6.3 million barrels in the week ended Jan. 3 to 237.7 million barrels, said the EIA, marking a steeper climb than analysts had expected. Analayst had projected a build of 1.5 million barrels.
NEWS
Oil prices were little changed on Thursday, with investors weighing firm winter fuel demand expectations against large increases to U.S. fuel inventories and macroeconomic concerns.
Saudi Arabia's crude oil supply to China in February is set to decline from the previous month, trade sources said on Thursday after the kingdom raised its prices and OPEC+ extended production cuts in the first quarter.
Global energy major BP has pledged to lift oil production by 44% and gas output by 89% from India's largest field off its west coast under a decade-long contract, block operator Oil and Natural Gas Corp said on Thursday.
Indonesia said on Thursday that its exports of used cooking oil and palm oil residue in recent years had exceeded production capacity, indicating crude palm oil had been mixed in, prompting regulation this week to curb shipments.
SINGAPORE CASH DEALS
No naphtha trade, two gasoline trades.
PRICES
LIGHT DISTILLATES
CASH ($/T) ASIA CLOSE Change Prev Close RIC
OSN Naphtha CFR Japan 664.50 -7.00 671.50 M1 > OSN Naphtha CFR Japan 662.00 -4.00 666.00 M2 > OSN Naphtha Diff 2.50 -3.00 5.50 F> Naphtha Netback FOB 71.83 -0.78 72.61 Sing Naphtha-Brent Crack 92.78 3.20 89.57 K> Gasoline 97 84.82 -3.22 88.04 Gasoline 95 84.41 -4.29 88.70 Gasoline 92 82.75 -2.05 84.80 Gasoline crack 6.52 -0.69 7.21 RK> For a list of derivatives prices, including margins, please double click the RICs below. Brent M1 Naphtha CFR Japan M1 Naphtha CFR Japan M1/M2 Naphtha CFR Japan M2 Naphtha Japan-Sing Netback M1 Naphtha Japan-Sing Netback M2 Naphtha FOB Sing M1 Naphtha FOB Sing M1/M2 Naphtha FOB Sing M2 Naphtha Cracks M1 East-West Naphtha M1 East-West Naphtha M2 NWE Naphtha M1 NWE Naphtha M1/M2 NWE Naphtha M2 Crack NWE Naphtha-Brent M1 Crack NWE Naphtha-Brent M2 *Sing refers to Singapore (Reporting by Jeslyn Lerh Editing by David Goodman ) ((jeslyn.lerh@thomsonreuters.com))
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