The backwardation in the FOB Singapore 92 RON gasoline market firmed sharply Tuesday, September 23, as concerns that replacement barrels in Asia could be limited going forward perked up sentiment, traders said Wednesday. The spread between FOB Singapore October and November 92 RON gasoline swaps widened 25 cents/barrel, or 27% day on day, to be assessed at $1.15/b Tuesday. The spread was last assessed at the same level on August 29 this year, data showed. In a backwardated market, the price for the distant delivery month is lower than the prompt delivery month and the firming of a backwardated curve could indicate rising demand and lower supply. Article continues below… Oilgram News brings you fast-breaking global petroleum and gas news on and including: Industry players, upstream and downstream markets, refineries, midstream transportation and financial reports Supply and demand trends, government actions, exploration and technology […]