NEW DELHI: Asia’s gasoline markets ended the truncated week with a 13% gain as active trading at the Singapore window lifted sentiment.
The gasoline crack reclaimed $17 a barrel level on Thursday after easing slightly in the previous session. Singapore markets closed early on Thursday on account of a public holiday on Friday.
In physical markets, Aramco was on a buying spree again after a gap of one session. The energy trader snapped up 150,000 barrels of benchmark grade of motor fuel.
Meanwhile, the naphtha crack ended the week down 14% at $54.98 a tonne over Brent crude as petrochemical units bought cheaper alternative feedstock liquefied petroleum gas (LPG), dampening demand sentiment.
Global fuel suppliers are turning to longer and costlier routes that produce more carbon emissions to move their diesel and other products as Western restrictions on Russian cargoes have reshuffled global energy shipping patterns.
Indonesia, the world’s biggest palm oil biodiesel user, is now working to introduce bioethanol mandates for gasoline to further cut fuel imports and carbon emissions, but it will first have to secure more bio feedstock and solve thorny technical problems.
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