Asia Naphtha/Gasoline-Gasoline margin eases from record highs

NEW DELHI, Oct 5 (Reuters) - Asia's gasoline margin eased for a second straight session on Monday but lingered near record levels touched last week amid a tight supply-demand outlook, traders said.

The crack fell to about $45 per barrel over Brent crude, compared with about $49 on Friday. Prices for the benchmark grade fuel traded near March highs at about $146 per barrel.

Demand from Indonesia, Asia's largest gasoline buyer, has remained firm, with several tenders floated last month, market participants said.

In the naphtha market, prices continued to trade above $900 per metric ton in a steeply backwardated market. In tenders, South Korean and Japanese buyers snapped up November cargoes last week at a premium of about $14 to $15 per ton to Japan quotes, traders said. O/NASIANAP

NEWS

- Oil prices inched higher in volatile trade on Monday after crude exports from the Middle East increased and the Group of Seven nations pledged to boost supplies, although concerns about ongoing disruption linked to the US-Israeli war on Iran limited selling. O/R

- ConocoPhillips Chairman Ryan Lance said he expects the oil price floor to rise to around $70 per barrel and sees a mid-cycle price of $65 to $70 per barrel for the US West Texas Intermediate crude benchmark.

SINGAPORE CASH DEALS O/AS

One naphtha and one gasoline trades.

PRICES