Asia’s gasoline margins climbed on Friday, breaching the $10 mark, boosted by the expectations of lower supply.
The margins climbed to $10.01 per barrel over Brent crude, its highest since Dec. 5.
Regional traders shared that they expect fundamental support for the market with the cutback in overall supply; any further upside to gasoline price benchmarks is limited, given ample regional stockpile and a lack of fresh demand outlets.
In naphtha, the margins held steady, dipping by $0.08 to $96.20 per metric ton over Brent crude.
NEWS
Oil prices rose more than 1% Friday, heading for their first weekly rise since the end of November, as additional sanctions on Russia ratcheted up supply worries, while a surplus outlook weighed on markets.
The head of Gazprom Neft SIBN.MM said on Friday that the OPEC+ decision to push back the start of oil output rises by three months until April was justified and has helped to avoid a market surplus, Russian news agencies reported.
Global commodity trading house Trafigura saw a sharp drop in its earnings for 2024 and has revised down its equity and profits for previous years after it discovered a billion-dollar oil fraud in Mongolia, the company said on Friday.
SINGAPORE CASH DEALS
No gasoline or naphtha trades.
Source: Reuters (Reporting by Haridas; Editing by Tasim Zahid)