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Asia Naphtha/Gasoline-Gasoline margin trades below $7/bbl, naphtha rises

Asia’s gasoline markets continued to trade below $7 per barrel on Monday, mirroring the weakness in U.S. markets and as supplies in Asia remained abundant.

The refining profit margin for gasoline GL92-SIN-CRK inched up 36 cents to $6.86 per barrel over Brent crude.

At the deals window, two cargoes of benchmark-grade of gasoline of volume 100,000 barrels each of were traded at $86.60 a barrel, market participants said.

In naphtha markets, the crack rose by about $5 to $62.95 per metric ton over Brent crude, but the upside remained capped due to lower demand pull from gasoline-blending pool amid counter-seasonal weakness in the transport fuel cracks.

NEWS

– The Japanese government is planning to continue subsidies to curb rising prices in gasoline and other fuel oil after this summer, Kyodo news agency reported on Friday.

– Iraq’s Oil Minister Hayan Abdel-Ghani said there has been progress in talks with Kurdistan region officials and representatives of international companies operating there for a deal to resume oil exports via a pipeline to the Turkish port of Ceyhan.

– South Korean President Yoon Suk Yeol embarked on a trip to Central Asia on Monday to hold talks on strengthening diplomatic ties and cooperating in areas such as energy and minerals, Yoon’s office said.
Source: Reuters (Reporting by Mohi Narayan; Editing by Varun H K)

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