Asia Naphtha/Gasoline-Gasoline crack steady above $16/bbl

Asia’s gasoline markets were steady on Tuesday and sentiment remained supported by expectations of tight supplies from China amid speculation around fresh export quota of clean fuels.

The crack traded at $16.83 a barrel over Brent crude. At the deals window, 50,000 barrels of the fuel changed hands.

In tenders, Lanka IOC soughtbenchmark-grade of gasoline for this week’s delivery and India’s HMEL sought pygas gasoline for delivery during the first week of September, market participants said.

The naphtha crack, on the other hand, rose by about $6 to $27.23 a metric ton over Brent crude.

NEWS

– Japanese Prime Minister Fumio Kishida instructed his ruling party to come up with fresh measures to cushion the blow to households and retailers from rising fuel prices.

– India’s July crude oil imports from Russia dipped for the first time in nine months, while inbound shipments from Saudi Arabia tumbled to their lowest in 2-1/2 years following OPEC+ cuts, tanker data from trade and industry sources showed.

SINGAPORE CASH DEALS O/AS

One gasoline trade, no naphtha trades.
Source: Reuters (Reporting by Mohi Narayan; Editing by Sohini Goswami)