AGL 40.10 Increased By ▲ 0.10 (0.25%)
AIRLINK 130.70 Increased By ▲ 1.17 (0.9%)
BOP 6.84 Increased By ▲ 0.16 (2.4%)
CNERGY 4.62 Decreased By ▼ -0.01 (-0.22%)
DCL 8.92 Decreased By ▼ -0.02 (-0.22%)
DFML 43.35 Increased By ▲ 1.66 (3.98%)
DGKC 83.64 Decreased By ▼ -0.13 (-0.16%)
FCCL 32.86 Increased By ▲ 0.09 (0.27%)
FFBL 78.35 Increased By ▲ 2.88 (3.82%)
FFL 12.23 Increased By ▲ 0.76 (6.63%)
HUBC 110.60 Increased By ▲ 0.05 (0.05%)
HUMNL 14.49 Decreased By ▼ -0.07 (-0.48%)
KEL 5.59 Increased By ▲ 0.20 (3.71%)
KOSM 8.32 Decreased By ▼ -0.08 (-0.95%)
MLCF 39.55 Decreased By ▼ -0.24 (-0.6%)
NBP 62.25 Increased By ▲ 1.96 (3.25%)
OGDC 199.00 Decreased By ▼ -0.66 (-0.33%)
PAEL 26.60 Decreased By ▼ -0.05 (-0.19%)
PIBTL 7.80 Increased By ▲ 0.14 (1.83%)
PPL 159.99 Increased By ▲ 2.07 (1.31%)
PRL 26.66 Decreased By ▼ -0.07 (-0.26%)
PTC 18.65 Increased By ▲ 0.19 (1.03%)
SEARL 83.35 Increased By ▲ 0.91 (1.1%)
TELE 8.22 Decreased By ▼ -0.09 (-1.08%)
TOMCL 34.50 Decreased By ▼ -0.01 (-0.03%)
TPLP 9.06 No Change ▼ 0.00 (0%)
TREET 16.99 Decreased By ▼ -0.48 (-2.75%)
TRG 60.38 Decreased By ▼ -0.94 (-1.53%)
UNITY 27.88 Increased By ▲ 0.45 (1.64%)
WTL 1.41 Increased By ▲ 0.03 (2.17%)
BR100 10,605 Increased By 198.6 (1.91%)
BR30 31,978 Increased By 264.4 (0.83%)
KSE100 98,864 Increased By 1535.9 (1.58%)
KSE30 30,797 Increased By 604.3 (2%)

SINGAPORE: Asian refining margins for gasoline rose on Wednesday as prices of raw material crude fell, but traders remain worried renewed lockdowns in several markets would dampen demand recovery in the region.

Refining margins, also known as cracks, for gasoline rose to $6.16 per barrel from $5.49 per barrel on Tuesday. The cracks, however, have shed about 10% in the last two weeks.

“With China the sole exception, (gasoline) demand across much of Asia will remain low for much of the second half of 2021 as virus case counts continue to pile up,” analysts at consultancy Energy Aspects said in a monthly note.

“Vaccination rates still lag in Asia, so the slightest signs of a new virus cluster will continue to trigger big restrictive reactions as governments try to snuff out further outbreaks.”

Asia’s naphtha crack slipped to $93.45 per tonne from $93.93 per tonne a day earlier.

Light-distillate inventories in the Fujairah Oil Industry Zone jumped 20.1% to 6.1 million barrels in the week to May 17, data via S&P Global Platts showed.

The weekly stocks in Fujairah have averaged 6.7 million barrels so far this year, and this week’s inventories were about 25.7% lower compared with the same period a year earlier, Reuters calculations showed.

US gasoline inventories fell by 2.8 million barrels in the week to May 14, according to two market sources, citing American Petroleum Institute (API) figures.

China’s newly imposed tax on $22 billion worth of annual imports of three fuels will have a wide-ranging impact on the global oil industry - hurting Venezuelan suppliers to Korean refiners, and big traders such as Vitol to smaller ones at home.

Investors should not fund new oil, gas and coal supply projects if the world wants to reach net zero emissions by mid-century, the International Energy Agency (IEA) said on Tuesday, in the top global watchdog’s starkest warning yet to curb fossil fuels.

Comments

Comments are closed.