Asia’s gasoline margins improved on Tuesday to more than a week’s high, as short-term demand looks to pick up going into the year-end festivities.

The crack improved to $5.43 per barrel over Brent crude, its highest since Nov. 6.

In naphtha, the crack inched up for the second straight session to $83.23 per metric ton over Brent crude.

Regional traders shared that heading into the final month of the year, they expect the naphtha margins to enter a holding range in the $80’s per metric ton.

Oil slipped on Tuesday pressured by the restart of production at Norway’s Johan Sverdrup oilfield, although investor caution arising from fears of an escalation in the Russia-Ukraine war limited the decline.

The International Monetary Fund warned on Tuesday that “tit-for-tat” tariffs could undermine Asia’s economic prospects, raise costs and disrupt supply chains even as it expects the region to remain a key engine of growth for the global economy.

SINGAPORE CASH DEALS O/AS

Two gasoline deals and one naphtha trade.
Source: Reuters (Reporting by Haridas)