Asia’s gasoline refining profit margin gained on Friday ahead of U.S. high demand season and as European inventories declined on higher exports to the U.S.
The crack climbed to $9.97 per barrel over Brent crude in Asia. At the window, 200,000 barrels of benchmark-grade of the fuel changed hands.
In tenders, Lanka IOC was heard seeking about 39,000-40,000 tons of gasoline for June, while Indian Oil offered 35,000 tons of naphtha for May, market participants said.
Gasoline stocks independently held in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub fell by 8% to 1.275 million tons in the week to April 24 to their lowest since November 2024, Insights Global data showed.
Naphtha stocks declined to 479,000 tons in the same week from 513,000 ton a week earlier.
– Oil prices fell on Friday and were set for a weekly decline of more than 2% on the back of oversupply concerns and uncertainty around tariff talks between the U.S. and China.
– Iranian Oil Minister Mohsen Paknejad said during a visit to Moscow on Friday that Iran would boost cooperation with Russia in agriculture, banking, fuel and gas, while removing barriers in all spheres of cooperation between the two countries.
Source: Reuters
