Asia’s gasoline refining profit margin jumped on Thursday after Singapore inventories dropped to the lowest level since October 2023 and U.S. stocks registered a larger-than-expected fall.
The crack climbed to $11.92 per barrel over Brent crude from $10.23 a day earlier.
Singapore light distillate stocks fell to the lowest level since October 25, 2023, to 11.487 million barrels in the week to Wednesday, Enterprise Singapore data showed.
The city-state’s gasoline exports to Indonesia stood at about 228,261 tons in the week, the data showed.
U.S. gasoline stocks (USOILG=ECI) fell by 1.6 million barrels in the week to 219.1 million barrels, government data showed, compared with expectations for a 911,000-barrel draw.
Traders said regional outages were also supporting the crack. A crude unit of a Southeast Asian refinery was facing issues, a Singapore-based market source said.
Source: Reuters
