Asia’s gasoline market was up about 49% this week as traders expected firm demand ahead of the Independence Day holiday in the United States and as fuel inventories at key trading hubs declined.

The refining profit margin for gasoline fell to $6.87 per barrel over Brent crude on Friday but the downside remained limited.

Gasoline stocks at the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub fell more than 1% to 1.11 million tons as flows on the transatlantic route rose, data from Dutch consultancy Insights Global showed.

Earlier in the week, U.S. stocks registered a larger-than-expected fall. Meanwhile, Singapore inventories rose to a four-week high on Thursday.

In tenders, Vietnam’s Nghi Son offered 7,000 metric tons of on-specification polypropylene for delivery during second-half July in a tender that closes on July 10.

NEWS

– Russia’s oil producers Rosneft and Lukoil will sharply cut oil exports from the Black Sea port of Novorossiisk in July, two sources familiar with a loading plan said, as the companies resumed operations at their refineries.

– Russia’s gasoline production is expected to rise by between 15,000 and 20,000 metric tons in the last third of July as two refineries restart operations, the energy ministry said on Friday.

SINGAPORE CASH DEALS O/AS

Two gasoline trades, no naphtha deals.
Source: Reuters (Reporting by Mohi Narayan; Editing by Eileen Soreng)