Asia’s gasoline refining profit margin extended gains on Tuesday on prospects of firm demand from key consumer India.

The crack rose to $16.73 a barrel over Brent crude, up from $16.45 a barrel a day earlier. GL92-SIN-CRK Gasoline crack also sought support from firm Indonesian demand, traders said.

India’s crude oil imports rose in December on firm demand, data from the Petroleum Planning and Analysis Cell (PPAC) showed on Monday. Fuel consumption in India rose to a seven-month high in December.

In naphtha markets, prices for first-half March and April cargoes eased on Tuesday and the crack fell by about $20 to $98.35 per metric ton over Brent crude.

NEWS

– The main impact from the escalating tensions in the Middle East and the threat to ships transiting the Red Sea isn’t on crude oil prices. It’s refined fuels that are most at risk.

– Russian ports are operating during more severe storms and easing restrictions for vessels that are not ice class during winter, traders said and regulations showed, in an attempt to boost exports following disruptions from Western sanctions and harsh weather.

SINGAPORE CASH DEALS

No trades.
Source: Reuters (Reporting by Mohi Narayan; Editing by Shweta Agarwal)