Asia’s gasoline margin rose on Wednesday after a flurry of trades at the window for benchmark- and higher 95-octane grade of the fuel surfaced.

The crack rose to $9.35 per barrel over Brent crude, compared with $8.98 per barrel. Price for 92-octane grade of gasoline rose by about $1.

Limitations on Indonesia’s gasoline tenders are adding uncertainty to the market on Singapore supplies, an industry source said.

Amid an ongoing government probe into alleged corruption in Pertamina’s oil imports between 2018 and 2023, the CEO of its refinery unit said at a conference that there may be some limitations for trading companies to join Pertamina’s tenders.

In the naphtha market, South Korean and Japanese buyers emerged to snap up July supplies, market participants said.

NEWS

– India’s Russian crude oil imports will hit close to 1.8 million barrels per day in May, the highest in 10 months, ship tracking data from Kpler showed, after refiners snapped up more light grades such as ESPO Blend.
– Oil prices rose more than 1% on Wednesday after reports that Israel could be preparing to strike Iranian nuclear facilities raised fears of a supply disruption in the Middle East.

SINGAPORE CASH DEALS

Four gasoline trades.
Source: Reuters