NEW DELHI: Asia’s gasoline markets gained on Wednesday after crude oil prices dipped and US inventories fell.
The refining profit margin for gasoline rose to $9.62 a barrel from $8.63 in the last session. The naphtha margin in the region slipped to $1.80 a tonne from $4.35 a tonne on Tuesday.
US gasoline stocks decreased by 200,000 barrels last week, market sources said, compared with analysts’ expectations of a fall by about 1.6 million barrels in a Reuters poll.
Meanwhile, light distillates inventories at the Fujairah Oil Industry Zone rose by 1.156 million barrels to 7.596 million barrels in the week to August 1, S&P Global Commodity Insights data showed.
The Maritime and Port Authority of Singapore said on Wednesday it will suspend Glencore Singapore’s bunkering licence for two months after the company was found to have supplied contaminated fuel to ships.
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