NEW DELHI: Asia’s gasoline refining profit margin extended gains on Monday after a flurry of deals at the Singapore trading window lifted market sentiment amid tight supplies across the world, traders said.
The crack rose to $30.98 a barrel, up $2.23 from Friday. The naphtha crack weakened to a premium of $13.20 a tonne, down from a premium of $19.13 in the previous session.
In physical markets, energy trader ENOC was active for a second straight day. The trading house snapped up a total volume of 150,000 barrels of the higher 95-octane grade of motor fuel. Vitol bought a cargo of the benchmark 92-octane grade gasoline.
Net gasoline exports from Asia’s top suppliers for June narrowed to 3 million-3.1 million tonnes from the May total of 4 million-4.1 million tonnes, Refinitiv Oil Research data showed.
Oil edged lower on Monday as fears of a global recession that would hit demand overshadowed concerns of tight supply amid lower OPEC output, unrest in Libya and sanctions on Russia.