Asia’s gasoline refining profit margin rose for a fourth straight session on Tuesday amid firm demand and tight regional supplies.
The crack rose to $11.12 per barrel over Brent crude, compared with $10.56 per barrel in the previous session.
Traders said gasoline balances in Asia and tightening balances with some refinery maintenances were on the anvil.
In naphtha market, the refining profit margin rose to $90.90 per metric ton over Brent crude from $83.80 a day earlier after crude oil benchmarks eased.
NEWS
– Crude oil prices fell on Tuesday as investors lowered their demand growth expectations due to the trade war between the United States and China, the world’s two biggest economies.
– Several former traders from oil major Shell have set up trading house Atmin, backed by Afreximbank, to focus on African oil trading, two trading sources familiar with the development said.
– Chinese offshore oil and gas major CNOOC Ltd’s first-quarter net profit fell 7.9%, weighed down by weaker oil prices, though higher output helped stem the decline.
SINGAPORE CASH DEALS
One gasoline trade, one naphtha deal.
Source: Reuters
