Asia’s gasoline market gained on Tuesday amid persistently firm demand in the region, and lower supplies from key exporter China.

The crack hovered near an eight-month high for a third straight day at $19.12 a barrel over Brent crude oil. Gasoline margins have surged about 59% in March so far.

Chinese exports could hit the lowest level since October this month at about 680,000 tonnes, down for the third consecutive month in 2023, ship tracking data from Kpler showed, as local fuel demand recovers from pandemic disruptions.

In physical markets, there were no trades for both gasoline and naphtha for a second straight day.

TENDERS

Pakistan State Oil sought up to 1,000 tonnes of liquefied petroleum gas (LPG) for April 1-15 period in a tender that closes on April 5.

NEWS

– Russia has successfully redirected all its crude oil exports affected by Western sanctions over Ukraine to “friendly” countries, Energy Minister Nikolai Shulginov said on Tuesday.

– Crude prices firmed on Tuesday, extending sharp gains from the previous session amid supply disruption risks from Iraqi Kurdistan and hopes that turmoil in banking is being contained.
Source: Reuters