SINGAPORE- Asia's gasoline crack edged higher on Monday, as feedstock crude prices eased, but gains were capped due to ample regional supplies.
The gasoline crack GL92-SIN-CRK rose to $5.41 per barrel on Tuesday, up from $5.30 per barrel a day earlier.
Traders expect regional demand to pick up gradually in coming months as wider COVID-19 vaccination drives help ease lockdown measures in Asia.
"On the oil demand side, new COVID-19 cases globally have continued to trend broadly lower over recent weeks. This includes most countries in Southeast Asia," JBC Energy said in a note.
"These developments make the lifting of restrictions increasingly likely, providing a further boost to the ongoing global oil demand recovery."
Asia's naphtha crack slipped to $89.08 per tonne on Tuesday, compared with $90.88 a tonne on Monday.
INDIA FUEL EXPORTS
- India exported about 1.33 million tonnes of gasoline in May, compared with 930,000 tonnes in April and 1.11 million tonnes in May 2020, according to government data released on Monday.
- The country's diesel exports surged 58.6% to 2.95 million tonnes in May from 1.86 million tonnes in April. The May gasoil exports were 5.7% higher year-on-year, the data showed.
SINGAPORE CASH DEALS O/AS
- Two gasoline deals, no naphtha trades
- China has issued 35.24 million tonnes of crude oil import quotas to non-state refiners in a second batch of allowances for 2021, a 35% drop from the same slot last year, according to a document seen by Reuters and two sources with knowledge of the matter.
- Crude oil prices retreated on Tuesday, after Brent rose above $75 a barrel for the first time since April 2019 and as OPEC+ begins discussions on raising oil production, but a strong demand outlook underpinned prices.
(Reporting by Koustav Samanta;) ((firstname.lastname@example.org)(+65 6870 3503)(Reuters Messaging: email@example.com))