Asia’s gasoline markets posted weekly gains of more than 26% as peaking COVID-19 cases in China bolstered hopes for a rapid recovery in fuel demand in world’s top crude importer.

The gasoline crack, however, snapped its two-day winning streak and fell by $3.18 to $15.14 a barrel on Friday amid strength in crud oil benchmarks.

In physical markets, a total of 100,000 barrels of benchmark grade gasoline was traded, with energy traders PTT and Unipec buying a cargo each. There were no deals for naphtha.

China’s domestic tourism trips in 2023 Lunar Year recovered to 88.6% of the same period in 2019, culture and tourism ministry said on Friday.

TENDERS

– India’s BPCL offered min 70% naphtha for Feb 9-10 loading in a tender that closed on Jan. 25, market sources said.

– Kuwait’s offered 50,000 tonnes of full rage naphtha for Feb. 16-17 in a tender that closed on Jan. 26.

NEWS

– The rapid take-up of electric vehicles in India’s fledgling market has prompted a major rethink about the country’s long-term fuel needs as refiners in Asia’s third-largest economy hasten their shift away from oil production.

– Oil prices rose for a second session on Friday, buoyed by stronger than expected U.S. economic growth, strong middle distillate refining margins and hopes of a rapid recovery in Chinese demand.
Source: Reuters