NEW DELHI- Asia's gasoline crack rose on Monday as hopes that the Omicron COVID-19 variant would cause mostly mild symptoms eased demand-related concerns.
The refining profit margin rose to $9.36 a barrel, the highest since Nov. 22, from $8.28 on Friday. GL92-SIN-CRK In physical markets, Sietco purchased a cargo of 97-octane grade of gasoline.
On the supply side, refiners in China are unlikely to export diesel for the rest of the year due to an ongoing shortage for the fuel in the country, which could mean they will use their export quotas to ship out gasoline, Refinitiv Oil Research said in a report.
Meanwhile, Saudi Arabia's state oil producer Aramco raised official selling prices (OSPs) for all crude grades sold to key market Asia for a second straight month in January, tracking robust gains in the Middle East spot market last month.
The naphtha crack in the region traded steady at $140.68 a tonne, down 30 cents from the last session. NAF-SIN-CRK
Global naphtha cracks will narrow on declining European and Asian gasoline blending demand amid rising coronavirus cases, although naphtha's ongoing favourability in the global cracking pool will limit more significant downside, consultancy Energy Aspects said in a report.
- China's Dalian Commodity Exchange will develop commodities derivatives related to trade, shipping and logistics in Northeast Asia, including studying the feasibility of a Northeast Asia crude oil futures contract, an exchange official told a state-run media house on Monday
(Reporting by Mohi Narayan; Editing by Amy Caren Daniel) ((Mohi.Narayan@thomsonreuters.com;))