Asia’s gasoline prices rose for a second consecutive session on Tuesday amid active trading at the Singapore window and rise in crude oil benchmarks.

The gasoline refining profit margin eased slightly but stayed above $17 a barrel over Brent crude.

In physical markets, energy trader Aramco

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was on a buying spree for a second consecutive day, with a total purchase of 400,000 barrels of benchmark grade of gasoline. Vitol bought 50,000 barrels of the higher octane-95 grade of the fuel.

Meanwhile, the naphtha crack weakened by 77 cents to $53.50 a tonne over Brent crude and the backwardation stood at $6.50 per tonne on Tuesday.

NEWS

– Record volumes of Russian diesel poured into the Middle East in March, shiptracking data showed, as traders cashed in on low prices to stock up the fuel at the Fujairah hub of the United Arab Emirates and in Saudi Arabia, which is boosting exports.

– Oil prices rose on Tuesday after OPEC+ plans to cut more production jolted markets the previous day, with investors’ attention shifting to demand trends and the impact of higher prices on the global economy.
Source: Reuters