Asia’s gasoline refining profit margin rose on Wednesday after a flurry of deals for the benchmark-grade of the fuel lifted demand sentiment.
The crack (GL92-SIN-CRK) rose to $11.35 per barrel over Brent crude, compared with $10.46 a day earlier. At the window, energy trader Total snapped up 300,000 barrels of 92-octange grade of gasoline, market participants shared.
Asian gasoline complex has sustained strength this month due to tight supplies amid peak refinery maintenance in the region, they added.
In the naphtha market, the crack (NAF-SIN-CRK) continued to trade in a range in a steady backwardation of $9.50 a ton. Several South Korean buyers were heard seeking naphtha cargoes for July this week, while window activity remained tepid.
NEWS
– Oil prices held steady on Wednesday after the U.S. barred Chevron CVX.N from exporting crude from Venezuela, but an expected decision from OPEC+ later this week to increase production in July capped gains.
– OPEC+ is likely to agree to a further accelerated oil output hike for July this week, three delegates from the group told Reuters, in the latest stage of a plan to meet rising demand and increase market share.
SINGAPORE CASH DEALS
Three gasoline deals.
Source: Reuters