Gasoline crack falls below $10/barrel

NEW DELHI: Asia’s refining profit margin for gasoline dipped below $10 a barrel on Thursday amid a selloff in crude oil markets over recession fears, triggering worries over global fuel demand.

The crack slipped to $9.68 a barrel, the lowest since March 3, compared with $11.95 a barrel a day earlier. Gasoline margins have shed more than 29% so far this week.

“We are already seeing indications of gasoline supply changes East of Suez, especially in the Middle East and India where refineries operate with more flexibility,” Pamela Munger, analyst at the energy consultancy Vortexa, said in a report.