Asia’s gasoline markets hovered near the lowest levels since October 2023 as slow demand concerns and a rise in Singapore stocks weighed on refining margins.

The crack held steady at $4.64 per barrel over Brent crude amid a lack of trades at the window.

Traders said the fall in gasoline crack is surprising during summers but it appears that demand has not surfaced according to expectations. Gasoline consumption typically goes up in summer due to driving demand.

Meanwhile, Singapore light distillate stocks rose to a two-week high of 14.697 million barrels in the week to May 29, Enterprise Singapore data showed.

NEWS

– Asia’s crude oil imports rose to the highest in 12 months in May, with the strength being driven by India as the region’s second-biggest buyer is on track to see record arrivals.

– Goldman Sachs remains selectively bullish on commodities, it said in a note on Wednesday, citing solid demand growth, expectations of more structural upside in industrial metals and gold, and a shrinking geopolitical risk premium for oil.

SINGAPORE CASH DEALS

No trades.
Source: Reuters (Reporting by Mohi Narayan; Editing by Ravi Prakash Kumar)