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Coronavirus
VERY HIGH Source: covid.gov.pk
Pakistan Deaths
23,133
4424hr
Pakistan Cases
1,015,827
4,11924hr
7.88% positivity
Sindh
371,762
Punjab
354,312
Balochistan
29,861
Islamabad
86,226
KPK
142,400

SINGAPORE: Asia’s naphtha and gasoline cracks both touched fresh multi-month highs on Monday, extending sharp gains in recent sessions on tightening supplies and further signs of recovering demand.

Asia’s naphtha crack surged to its strongest level since December 2017, supported by steady demand from South Korea and China and on expectations that western arbitrage arrivals will continue to be weak in July, similar to June, trade sources said. Naphtha crack climbed to $127.58 per tonne on Monday from $120.08 on Friday.

The gasoline refining margin jumped to $9.10 a barrel on Monday, the highest since February 2020 and up from $8.05 per barrel on Friday.

This came on the back of declining inventories across key demand and storage hubs as well as an expected drop in exports of the motor fuel from China, trade sources said.

India’s MRPL was offering 25,000 tonnes of 95-octane gasoline for loading over July 27-29 26-28 in a tender that closes on July 6 with same-day validity.

Three gasoline trades, no naphtha deals

Saudi Arabia’s energy minister pushed back on Sunday against opposition by fellow Gulf producer the United Arab Emirates to a proposed OPEC+ deal and called for “compromise and rationality” to secure agreement when the group reconvenes on Monday.

US lawmakers introduced a bill on Friday to limit exemptions offered to refiners on blending biofuels, after sources said the Environmental Protection Agency chief voiced disapproval about a Supreme Court ruling upholding broad use of the waiver program.