NEW DELHI: Asia’s gasoline crack climbed to a record high on Thursday, despite a rise in stocks at the key trading hub of Singapore, buoyed by festival demand boost from Indonesia and a drop in US inventories.
The refining profit margin rose to $19.71 a barrel, up $2.77 from the last close. Gasoline margins have risen over 8% this week on the back of firm demand.
“Increased gasoline demand from Indonesia as Ramadan festivities come to an end has supported the market,” Mohammed Yasser, analyst at Refinitiv Oil Research, said in a note.
With summer driving season fast approaching, gasoline fundamentals are expected to remain strong in the coming weeks, he added.
Singapore’s onshore inventory of light distillates climbed 1.922 million barrels to a three-week high of 12.998 million barrels in the week to April 20, Enterprise Singapore data showed.
US gasoline stocks fell by 761,000 barrels in the week to 232.4 million barrels, the Energy Information Administration said.
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