Asia’s gasoline refining margin gained on Thursday after inventories at key trading hubs of Singapore and the United States dipped.
The crack rose to $13.84 per barrel over Brent crude, compared with $12.64 per barrel a day earlier. The price for the benchmark-grade of gasoline jumped to about $100.60 a barrel, market participants said.
At the deals window, 250,000 barrels of 92-octane grade of transportation fuel changed hands, they added.
Total U.S. gasoline stocks declined by 3.31 million barrels to 230.77 million barrels in the week ended March 15, data from the U.S. Energy Information Administration (EIA) showed.
Singapore light distillate stocks fell to a two-week low of 15.101 million barrels in the week to March 20, Enterprise Singapore data showed.
NEWS
– Rising oil tanker chartering rates due to global shipping disruption are forcing oil shippers to take on longer-term shipping charters, executives said this week at an energy conference in Houston.
– South Korean diesel shipments to Singapore for March are on track to hit 2-1/2-year highs, with cargoes likely to be stored temporarily or blended in Asia’s oil hub in a rare move as traders struggle to find end-users for the fuel, analysts and traders said.
Source: Reuters (Reporting by Mohi Narayan; Editing by Shailesh Kuber)
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