Asia’s gasoline markets were steady on Tuesday, bucking the global downtrend amid a rise in Japanese import demand and anticipation of lower supply in July-August period.

The refining profit margin for gasoline traded above $8 per barrel over Brent crude. At the Singapore deals window, there were no trades for transport fuel.

On the demand front, Indian state retailers sold 1.29 million tons of gasoline in the first fortnight of July, up 3.7% year-on-year. However, compared with June, sales were down 6.1% due to heavy rains.

In Japan and South Korea, market participants said summer demand remained strong. Energy consultancy FGE noted lower runs from unplanned outages and marginal run cuts in the region will cause Asia’s overall gasoline supply to fall short of last year’s figure.

“China’s gasoline exports will also remain subdued at 220,000 barrels per day (bpd) in July and August, 140,000 bpd lower year-on-year, amid the peak of seasonal demand and pressured run rates among domestic refineries,” the consultancy wrote in a note.

NEWS

– Indian private oil refiner Nayara Energy is planning to shut a delayed coker and some other units at its refinery in Vadinar for maintenance for about three weeks from end-August or early September, three trading sources said.

– Indonesian state energy company Pertamina expects its Balikpapan refinery’s CDU IV to resume operations later this month, an official at its refinery subholding PT Kilang Pertamina Internasional (KPI) said on Tuesday.

– Yemen’s Houthis targeted three vessels, including an oil tanker, in the Red and Mediterranean seas with ballistic missiles, drones and booby-trapped boats, they said on Monday.
Source: Reuters (Reporting by Mohi Narayan; Editing by Krishna Chandra Eluri)