Asia’s gasoline complex was steady above $8 per barrel on Wednesday mirroring the strength in global cash markets as traders expected increased demand ahead of the U.S. holiday weekend.

The refining margin for gasoline traded at $8.31 per barrel over Brent crude, compared with $8.31 a day earlier. The benchmark-grade of gasoline changed hands at $94.60 a barrel, market participants said.

In tenders, India’s MRPL sold 35,000 tons of reformate to energy trader ENOC for loading during July 27-29, market sources said. The company has sold three cargoes of 35,000 tons each of the gasoline blending component so far in July, Reuters records show.

Meanwhile, light distillate stocks at the Fujairah trading hub fell by 821,000 barrels to 5.140 million barrels in the week to July 1, S&P Global Commodity Insights data showed.

U.S. gasoline inventories rose by 2.468 million barrels last week, trade sources citing American Petroleum Institute figures said on Tuesday.

NEWS

– Oil prices rose on Wednesday after industry data showed a bigger-than-expected draw in U.S. crude stockpiles, while the market kept tabs on flaring tensions in the Middle East.

– Japan’s Cosmo Oil, a unit of Cosmo Energy Holdings 5021.T, restarted the 102,000 barrel-per-day (bpd) No.2 crude distillation unit at its Chiba refinery on June 25 after planned maintenance, a company spokesperson said on Wednesday.

SINGAPORE CASH DEALS

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