Asia’s gasoline markets held steady on Thursday, above $8 per barrel over Brent crude, after stocks at major commercial hubs in the United States and Singapore declined.

A cargo of 92-octane grade gasoline was traded at $90.20 a barrel for mid-June delivery at the window, market participants said.

U.S. gasoline stocks USOILG=ECI fell by 945,000 barrels in the week to 226.8 million barrels, the Energy Information Administration said, more than forecasts for a 729,000-barrel draw. Traders are anticipating firm demand in the U.S. around the Memorial Day holiday this weekend.

However, a widening gap between European and Asian product reflected dwindling demand in the Eastern markets. Northwest European gasoline refining margins climbed towards $20 a barrel on Wednesday.

Singapore light distillate stocks fell by 720,000 barrels to a four-week low of 14.536 million barrels in the week to May 22, Enterprise Singapore data showed. O/SING1

NEWS

– The Belgian government plans to publish a royal decree that tightens the quality of motor fuel exports within days, with the new regulations expected to take effect after three months, the energy ministry said.

– Indian refiners’ use of crude oil vessels to ship refined fuels such as diesel to key European markets has diminished in May after volumes neared two-year high levels last month, trade sources and analysts said.

SINGAPORE CASH DEALS O/AS

One naphtha deal, one gasoline trade.
Source: Reuters (Reporting by Mohi Narayan; Editing by Krishna Chandra Eluri)