Asian gasoline refining margins ease to one-week low

London, (Quantum Commodity Intelligence) – Asian gasoline paper cracks hit their lowest level in a week on Tuesday amid rising infections in the Chinese province of Guangdong and as India recorded its lowest daily infection rate in more than two months.

Gasoline cracks for RON 92 specification for July eased on Tuesday from $5.92/b to $5.59/b FOB Singapore, the lowest level since 1 June 2021.

The fall comes as cash Brent for August fell $0.66/b to $70.89/b.

Positive cracks tend to get weaker when crude falls, but the percentage of crude to gasoline also fell, albeit marginally.

The fall comes as China steps up testing in the province of Guangdong – one of the main industrial centres in the south.

While cases are small, at just 110 people in the last three weeks, Singapore has banned short-term visitors who have visited the province in the last three weeks.

The small decline in refining margins comes as India recorded fewer than 100,000 cases a day for the first time in two months and as Japanese infections fall 25% on the week.