Asia’s gasoline markets plummeted to the lowest since October 2023, mirroring the weakness in U.S., Europe and Middle East benchmarks.

The crack fell to $4.46 per barrel over Brent crude, compared with $6.63 a day earlier. The price for benchmark-grade of gasoline fell to $89.30 a barrel, a Singapore-based trader said.

Market participants said demand has not been performing in line with expectations yet. Typically, the onset of summers in the northern hemisphere boosts demand for road fuels.

In tenders, India’s MRPL sold 35,000 tons of gasoline to Shell for June 3-5 delivery and 35,000 tons of naphtha to Gunvor for June 7-8 delivery, trade sources said.

Another refiner HPCL offered two naphtha cargoes of 33,000 tons each for June 13-15 and June 18-20 loading from Vizag in a tender that closes on Thursday, they added.

NEWS

– PetroChina International said it has loaded 100,000 barrels of crude oil from the United Arab Emirates’ offshore block Belbazem where parent company CNPC has a joint venture with Abu Dhabi National Oil Company (ADNOC).

– India’s crude oil imports in April rose by 7% to 21.44 million metric tons year-on-year, boosted by firm demand and discounted Russian fuel, government data released on Wednesday showed.

SINGAPORE CASH DEALS O/AS

One gasoline trade, no naphtha deals.
Source: Reuters (Reporting by Mohi Narayan; Editing by Shilpi Majumdar)