Asia Naphtha/Gasoline-Gasoline timespreads and margins rebound slightly, naphtha margins ease

SINGAPORE, Nov 5 (Reuters) - Asian gasoline markets rebounded slightly after losses in the past few sessions as timespreads and margins inched up, though the market outlook remained cloudy.

Prompt and forward month timespreads recovered after talk of potentially lower Chinese exports for November, as export margins remained in the red since the start of this week.

Outright prices, however, were still declining.

At the market close, octane-92 gasoline refining margins recovered to around $8 a barrel.

For naphtha, a handful of buyers were still mulling over their second-half December purchases, though sporadic spot-buying could emerge in the coming weeks.

Downstream petrochemical markets remained slightly depressed in terms of demand, limiting overall buying activities.

Negotiations were ongoing for next year's term cargoes.

Naphtha refining margins eased slightly to around $223 per ton.

INVENTORIES

- US crude, gasoline and distillate inventories fell last week as demand hit its highest level in a year, the Energy Information Administration said on Wednesday. EIA/S

- Singapore's oil product stockpiles were little changed week-on-week, official data showed on Thursday, as gains in residual fuel inventories offset a decline in light and middle distillates stocks. O/SING1

NEWS

- The global oil market has moved back into surplus after months of disruption caused by US-Israeli war with Iran, JPMorgan said in a note on Wednesday, while HSBC raised its forecasts for Saudi Aramco crude oil production.

- Chinese refiners have sold only around 500,000 metric tons of diesel for loading in November so far, according to traders and Reuters calculations based on trade data, after a surge in exports since July sent domestic stockpiles to multi-year lows.

SINGAPORE CASH DEALS O/AS

- One gasoline deal, no naphtha deal

PRICES