SINGAPORE: Asia’s gasoline refining profit margin extended gains on Tuesday and scaled a new high due to firmer demand as mobility restrictions eased in key economies.
The crack rose to $32.03 a barrel from $30.96 in the previous session, even as crude prices rose. “The continual relaxation of Covid-19 related mobility restrictions drove gasoline demand across the region, with buying interest from Indonesia – Asia’s single largest importer of finished grade gasoline – remaining healthy post-Ramadan,” Charles Ong, senior analyst with Refinitiv’s oil research team, said in a note. Meanwhile, Asia’s naphtha crack slumped to $62.97 a tonne, its lowest since December 2020, down from $108.50 in the previous session. Oil hit its highest in seven weeks on Tuesday, supported by the European Union’s ongoing push for a ban on Russian oil imports that would tighten supply and as investors focused on higher demand from an easing of China’s COVID lockdowns.