Asia’s gasoline refining profit margin gained on Thursday following the first deal at the window in five trading sessions and as stocks at Singapore trading hub rose to a four-week high.
The crack rose to $7.73 per barrel over Brent crude, compared with $6.51 a day earlier.

However, traders and analysts said fundamentals are weak for gasoline crack in the near term, with supplies rising from China.

Singapore light distillate inventories rose by 737,000 barrels to 12.971 million barrels in the week to July 23, Enterprise Singapore data showed.

U.S. gasoline stocks (USOILG=ECI) fell by 1.7 million barrels last week to 231.1 million barrels, the EIA said, also nearly double the expectations of a 908,000-barrel draw.

NEWS

– An oil tanker carrying Russian Urals crude has been diverted away from the EU-sanctioned Nayara Energy’s Vadinar port in India to unload its cargo at the port of Mundra, according to shipping data and four industry sources on Thursday.
– Investors are expecting top U.S. refiners to report higher second-quarter profits, bouncing back from losses during the first three months of the year as unseasonably strong diesel margins boost earnings.

SINGAPORE CASH DEALS

One gasoline trade.
Source: Reuters