Asia Naphtha/Gasoline-Gasoline margin rises above $11 per barrel

Asia’s gasoline refining profit margin rose on Friday after bullish economic data from China underpinned hopes of firm demand from the key consumer.

The crack rose to $11.11 per barrel over Brent crude, compared with $9.98 a day earlier. A flurry of deals at the Singapore window also supported the crack. O/AS

China’s annual crude oil imports hit an all-time high in 2023, customs data showed on Friday, as fuel demand recovered from a pandemic-induced slump despite economic headwinds.

China’s highway traffic for 2023 jumped 43.6% from the previous year in passenger kilometres for the January to November period, according to Ministry of Transport data.

Meanwhile, the naphtha crack was little changed at about $86 per metric ton over Brent crude on Friday.

NEWS

– Russia’s biggest petrochemicals producer Sibur increased exports of liquefied petroleum gas (LPG) by almost a quarter last year via the Baltic Sea port of Ust-Luga in expectation of Western sanctions, LSEG and trader data showed on Friday.

– Total marine fuel sales hit a record high at leading bunker hub Singapore last year, official data showed on Friday, led by record container throughput and stronger interest in biofuels.

SINGAPORE CASH DEALS O/AS

Five gasoline deals, no naphtha trades.
Source: Reuters (Reporting by Mohi Narayan; Editing by Mrigank Dhaniwala)