SINGAPORE: Asia's gasoil refining margin weakened on Tuesday, hurt by increasing supply in the market.
The front-month November margin fell 16 cents to a premium of $18.86 a barrel to Dubai crude, lowest in four sessions, according to Reuters data.
Middle Eastern and Indian refiners continued to offer cargoes, which weighed on the market. The latest offer was seen from Bahrain Petroleum Company, which issued a tender to sell 40,000 tonnes of November-loading cargo.
Naphtha's inter-month spreads held strong at a three-week high, supported by robust gasoline demand in the West.
Naphtha's refining margins also strengthened in early trade, with the front-month November contract narrowing to a discount of $6.44 a barrel to Brent crude, strongest in three weeks.
In the fuel oil market, inter-month spreads were weaker as demand from China and Japan was lacklustre.
Fixed-price swaps for products strengthened, except fuel oil and naphtha FOB Singapore, as Brent crude gained 19 cents to $112.00 per barrel by 0430 GMT from Monday's Asian close.
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