Asia’s refining profit margin for gasoline flips

NEW DELHI: Asia’s refining profit margin for gasoline flipped to a discount on Wednesday amid the darkening fuel demand outlook from China.

The crack traded at a discount of 2 cents a barrel, down from a premium of $3.42 a barrel a day earlier.

Several of China’s biggest cities imposed tougher COVID-19 curbs on Tuesday, further crimping the activities of tens of millions, and sparking fresh concerns for the health of a barely growing economy.

China’s factory activity extended declines in August, data showed, as the key oil-importing country faces fresh coronavirus flare ups, the worst heatwaves in decades and an embattled property sector.