Asia’s gasoline margins climbed to a more-than-two-week high, buoyed by an uptick in demand and unplanned refinery issues.
The crack rose to $5.08 per barrel over Brent crude, its highest since Sept. 26.
In tenders, Pakistan’s PSO was seeking the benchmark grade of gasoline for the loading period of Nov. 1-3, the company website listed. The tender closes on Oct. 16.
In naphtha, the crack rose to a week’s high of $116.35 per metric ton over Brent crude.
Asian naphtha market fundamentals were likely weighed by a further deterioration of downstream petrochemical margins amid prevailing high feedstock cost pressures, an LSEG report said.
The report added that intra-asian flows remained tame and continued to hover at a record low for the second consecutive month.
Oil prices on Monday wiped out nearly all gains made last week after data showed China’s inflation rate declined and a lack of clarity on the country’s economic stimulus plans stoked fears about fuel demand in the world’s biggest crude importer.
SINGAPORE CASH DEALS
Two gasoline deals and no naphtha trade.
Source: Reuters (Reporting by Haridas; Editing by Janane Venkatraman)