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Asia Naphtha/Gasoline-Gasoline markets weaken on prospect of rising June supplies

Asia gasoline markets declined on Tuesday as traders speculated about increasing exports from China in June following the release of fuel export quotas earlier this month.

The refining profit margin for gasoline fell to $6.63 per barrel over Brent crude oil.

According to estimates by energy consultancy FGE, China’s gasoline exports are expected to rise to 240,000-260,000 barrels per day (bpd) this month and in June, up from the official level of 113,000 bpd in April. FGE estimated April exports from the country at about 200,000 bpd.

In tenders, Indonesia’s Pertamina sought 50,000 barrels of 98-octane gasoline for the month of June, an official at procurement subsidiary Pertamina Patra Niaga said on Tuesday. The purchase will be part of its regular procurement, spokesperson Irto Ginting said.

The oil company’s Balikpapan refinery had a fire incident over the weekend.

NEWS

– Saudi Arabia, the world’s biggest oil exporter, may cut prices for most crude grades it sells to Asia in July, the first cut in five months, as Middle East benchmarks and margins for Asian refiners have weakened, refining sources said.

– Global oil prices steadied on Tuesday as the prospect of OPEC+ maintaining oil supply curbs at its June 2 meeting and hopes of strong U.S. summer fuel demand balanced concern about higher-for-longer U.S. interest rates.
Source: Reuters (Reporting by Mohi Narayan; Editing by Mrigank Dhaniwala)

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