Asian gasoline cracks firm for fifth day of six

London, (Quantum Commodity Intelligence) - Physical gasoline cracks in Asia hit a more than two-month high in trade on Tuesday, as hopes for a global recovery from the impact of Covid lockdowns continued to spur demand, while US stocks fell and crude oil prices slumped amid OPEC's decision to wind back supply cuts.

Physical deals for gasoline were heard at $70.38/b for 92 RON and $72.60/b for 95 RON FOB Singapore Straits on Tuesday, pushing up the curve on a day when Brent cash prices eased.

By 16.30 Singapore time, the physical crack for 92 RON versus Brent cash rose $0.10/b to $7.16/b from a day earlier, with the firmer front end cascading into the curve.

May cracks were at $6.56/b, up $0.10/b on the day.

The move comes amid a tightening in nearby supply of light ends with naphtha physical deals also heard done at $568/mt for 1H June, a $5/mt premium to the front-month swap, compared with an assessment at flat the prior session.