NEW DELHI: Asia’s gasoline refining profit margin rose on Wednesday as inventories in the Middle East and United States declined, although muted trading at the Singapore window capped gains.
The crack rose to $11.20 a barrel, up $1.21 from the last close. Gasoline markets had weakened on Tuesday after COVID-related mobility curbs in China dented demand sentiment.
US gasoline inventories fell by 1.4 million last week, according to market sources citing American Petroleum Institute figures. Stocks of light distillates at the Fujairah Oil Industry Zone dropped by 363,000 barrels to 5.919 million barrels in the week ended March 28, according to industry information service S&P Global Commodity Insights.
Japan’s Keiyo Ethylene Co has resumed operation this week after a turnaround which started on Jan. 24, a company official said.
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