Asia’s gasoline refining profit margin rose on Monday amid robust fuel demand in China and the United States.

The crack climbed to $13.70 a barrel, compared with $13.44 a barrel on Friday.

China’s gasoline imports are on course to hit the highest level since June 2021, Kpler data showed, amid a recovery in mobility after the relaxation of COVID curbs.

U.S. gasoline demand rose 1.7% in the latest week to 8.45 million barrels per day, with it rising every day over the week-ago period, data from GasBuddy.com showed on Sunday.

At the physical window, there were no trades for gasoline and naphtha for a second straight session.

NEWS

– Russia’s seaborne oil product exports fell about 10% in Feb 1-12 from the same period in January due to the European Union’s embargo, the lack of available tankers and the closure of ports due to storms, traders said and Refinitiv data showed.

– HMEL sought the supply of 18,000-35,000 tonnes of naphtha in a tender that closed on Feb. 10, they said. The tender comes ahead of the start of a naphtha cracker at its Bathinda refinery in northern India.
Source: Reuters