Asia’s gasoline refining profit margin declined on Tuesday amid demand concerns in the South Asian region.

The crack slipped by around $2 to $12.90 a barrel over Brent crude. In physical markets, energy trader PTT sold 50,000 barrels of the benchmark grade gasoline at $97.40 per barrel on free-on-board basis, market participants said.

Meanwhile, the naphtha crack rose by $1.50 to $62.63 a tonne over Brent crude on Tuesday.

NEWS

– Indonesian state energy company Pertamina is looking into developing a fuel product by mixing gasoline, methanol and ethanol, its chief executive Nicke Widyawati said in a parliamentary hearing on Tuesday.

– Oil prices fell on Tuesday as the prospect of further interest rate increases and ample Russian crude flows outweighed demand recovery expectations from China.

SINGAPORE CASH DEALS

One gasoline trade, one naphtha deal.
Source: Reuters