Asia’s gasoline refining profit margin climbed to a more than eight-month high on Friday and gained nearly 27% this week on the back of healthy demand regionally and from Mexico.
The crack jumped to $19.15 a barrel over Brent crude, the highest since July 2022, compared with $17.65 a barrel a day earlier.
About 1.7 million barrels of gasoline have reached Mexican ports from East of Suez markets in March, ship tracking data from Kpler showed.
In physical markets, a total of 300,000 barrels of benchmark grade of gasoline changed hands this week, and 25,000 tonnes of naphtha were traded, market participants said.
INVENTORIES
Amsterdam-Rotterdam-Antwerp (ARA) gasoline stocks rose by 6% to 1.442 million tonnes as exports to the United States were lower and there were high flows of naphtha into the gasoline blending pool, Insights Global data showed.
Naphtha stocks rose to 253,000 tonnes in the week from 244,000 tonnes, the data showed.
NEWS
– Maersk and Shanghai International Port Group 600018.SS have signed a memorandum of understanding for a green methanol marine fuel project in the Shanghai port, the shipping group said on Friday.
– The Kremlin on Friday said it was important to identify an object discovered next to one of the Nord Stream pipelines, and said the ongoing investigation into blasts that struck the pipelines last September must be conducted with full transparency.
SINGAPORE CASH DEALS
One gasoline trade, no naphtha deals.
Source: Reuters