NEW DELHI: Asia’s gasoline crack eased on Monday snapping a three-day winning streak after crude oil prices rose, although downside remained limited as stringent COVID-19 mobility restrictions in China dampened demand.

The refining profit margin for gasoline slipped to $13.69 a barrel, down 64 cents from Friday.

China’s transport ministry expects a 20% drop in road traffic during the three-day Qingming holiday due to a flare-up of COVID-19 cases in the country.

On the supply side, net gasoline exports from Asia’s top suppliers for March narrowed to 3.1-3.2 million metric tonnes (mt), down from February’s revised net total of 4.1-4.2 million mt, Refinitiv Oil Research data showed.

However, exports from India, a key exporter, increased to 1.4-1.5 million mt from February’s assessment of 1-1.1 million mt despite strong domestic demand, Refinitiv Oil Research said.

Moody’s expects margins to remain buoyant at $4-$6 per barrel over the medium term amid strong local and European consumption, and dwindling exports from China.

“Tight supply and solid demand support strength in refining margins, even as feedstock costs have increased after a recent surge in crude prices,” the ratings agency said in a report.