Asia’s gasoline refining profit margin inches lower on Monday, although it still hovered near eight-month highs touched last week on robust demand.
Gasoline Cracks Retreat
The crack for gasoline was 15 cents down at $19 a barrel in absence of a deal at the Singapore window. GL92-SIN-CRK “Global gasoline cracks will retreat in the coming weeks as crude recovers and the market adjusts to the impact of France strikes. That said, Asia gasoline cracks will remain supported by a stronger pull of gasoline and blendstocks to the West in May and June,” analysts at FGE said in a note.
Impact On Production
Adding to the bullish sentiment, Australia’s Ampol Ltd ALD.AX had to temporarily shut down one of its units in Queensland-based Lytton refinery to fix a technical issue with a slide valve, which will impact gasoline production. nL1N35Y0GD Meanwhile, the naphtha crack rose by $1.38 to $92 a tonne on Monday and the backwardation between first-half May and first-half June stood at $11 per tonne.
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