NEW DELHI: Asia’s gasoline markets weakened on Tuesday as COVID-19-related mobility restrictions in China hit demand sentiment.
The crack dropped to $9.99 a barrel, down by $8.89 from Monday. In physical markets, Unipec and Vitol purchased a cargo of 92-octane and 95-octane gasoline respectively.
Anti-COVID lockdowns have dampened consumption of transportation fuels in China to a point where some independent refiners have attempted to resell crude purchased for delivery over the next two months, traders and analysts said.
Meanwhile, the naphtha crack in the region rose for a second straight day to $121.68 a tonne, up $11.07 from Monday’s close.
Price reporting agency Argus launched a new non-Russian diesel cargo assessment delivered into the Antwerp-Rotterdam-Amsterdam (ARA) port complex, the agency said in a statement published on its website on Tuesday.