Asia’s gasoline refining profit margin (GL92-SIN-CRK) rallied to the highest level since August 2023 due to unplanned refinery outages and declining inventories at key trading hubs despite the typical seasonal low demand period, traders said.

The crack surged to $17.71 per barrel over Brent crude from $16.44 a day earlier.

U.S. gasoline stocks (USOILG=ECI) fell by 945,000 barrels in the week to 205.1 million barrels, government data showed.

China’s Sinochem has shut one of the crude units at its Quanzhou site in Fujian province in southeastern China, following a fire incident.

The 300,000-barrel-per-day Quanzhou refinery was due to be offline for scheduled full-plant maintenance from the end of November or early December to January. It mainly produces gasoline, diesel, jet fuel and polypropylene.

NEWS

– Oil prices climbed about 1% on Friday, boosted by supply fears after a Ukrainian drone attack hit an oil depot in a major Russian export hub, the Black Sea port of Novorossiysk.
– U.S. private equity firm Carlyle is exploring options to buy Russian oil major Lukoil’s foreign assets, three sources familiar with the situation said.

SINGAPORE CASH DEALS

One gasoline trade.
Source: Reuters