NEW DELHI: Asia’s gasoline crack slipped below $15 a barrel on Wednesday due to volatility in crude oil benchmarks, although a series of trades on the Singapore window limited losses.
The crack was down 17 cents from the last close at $14.89 a barrel. In physical markets, Trafigura snapped up three cargoes of the benchmark 92-octane grade of gasoline. Vitol bought two cargoes of the higher 95-octane grade and a cargo of the benchmark grade of the motor fuel.
Also signaling strong consumption, stocks of light distillates at Fujairah Oil Industry Zone tumbled by 2.509 million barrels in the week ended April 4 to 3.410 million barrels, data from S&P Global Commodity Insights showed.
Japan’s industry ministry on Wednesday lowered its gasoline subsidy for oil distributors to 20.7 yen ($0.17) a litre for the week starting April 7 from the upper limit of 25.0 yen a week earlier.
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