Asia’s gasoline refining profit margins extended losses on Tuesday in the absence of deals at the Singapore window.

The crack fell to $9.55 a barrel over Brent crude, compared with $9.92 a barrel a day earlier. (GL92-SIN-CRK)

The risk of high gasoline output in the region and increased exports from China also soured market sentiment, analysts and traders said.

At the Singapore window, there were no trades for gasoline. In naphtha markets, a deal happened after a gap of more than a month – energy trader Trafigura bought 25,000 tonnes of naphtha for first-half July delivery.

The naphtha margin in the region also declined to $54.88 a tonne from $58.40 a tonne a day earlier as crude oil benchmarks gained.

NEWS

– Global diesel margins have slumped by about half since February, dragging on refiners’ profits, as Russian exports continue despite sanctions, helping output from China and India reach all-time highs in March.

– Oil edged higher on Tuesday, on track for a third day of gains, supported by investor optimism that holiday travel in China would boost fuel demand, and over expectations that U.S. inventories would show a drop in crude stocks.
Source: Rreuters