SINGAPORE: Asia’s refining profit margin for gasoline surged to a record high on Tuesday amid soaring demand in key economies and tight supplies. The crack climbed to $37.98 a barrel, according to Refinitiv Eikon data that goes back to 2000. The crack traded at $31.86 per barrel on Monday.

Gasoline margins have soared more than 37% in June on the back of seasonal driving demand. Analysts said that mobility activities in China are returning after the easing of lockdowns, aiding market sentiment.

“Constrained refining capacities are seeing crack spreads at record levels,” analysts at ANZ Research said in a note.

Meanwhile, a record 42 million people around the United States are expected to hit the road for trips over the July 4 Independence Day weekend, AAA said Tuesday, absorbing historically high fuel costs to crowd the highways. Oil prices rose on Tuesday on high summer fuel demand while supplies remain tight because of sanctions on Russian oil after its invasion of Ukraine.