Asia's gasoline crack hits new record low

Asia's gasoline crack hit a fresh record low on Monday, this time at a discount of $12.97 a barrel to Brent crude versus a discount of $12.51 a barrel in the previous session, as oversupply persisted due to lack of demand.

State-owned Pertamina, Asia's biggest gasoline importer, was looking to buy gasoline for May to August delivery through a tender.

Pertamina had previously sought to defer petrol imports for April arrival as Jakarta's measures to fight the coronavirus has hit demand for its fuel.

Demand for gasoline in India, like most other countries, was also hit by the coronavirus outbreak.

Indian state fuel retailers have sold about 1.94 million tonnes, or 17% less, gasoline in March compared to a year ago as fuel demand in Asia's third biggest economy declined due to steps taken to curb the spread of the coronavirus, industry sources said.

On the other hand, representatives of Venezuela's private oil service companies have proposed the government loosen restrictions on gasoline imports and sales, as the country faces its worst motor fuel shortages in more than a decade.

Asia's naphtha crack was at a four session high on Monday although the value has remained in the negative zone since the start of April.

The crack value was at a discount of $54.40 a tonne versus a discount of $64.33 in the previous session.

South Korea's YNCC bought some 100,000 tonnes of open-specification naphtha for second-half May delivery to Yeosu at discounts of about $14 a tonne to Japan quotes on a cost-and-freight (C&F) basis.

This was 14 times lower than the discount of $1 YNCC had paid on March 26 and the fresh discounts were also the lowest the petrochemical maker had paid in more than three years.

A fire had broken out at a secondary unit at Valero's Meraux refinery in Louisiana.