Asia’s gasoline refining profit margin saw an increase on Friday, driven by the upcoming high-demand season in the U.S. and a reduction in European inventories due to higher exports to the U.S. The gasoline crack rose to $9.97 per barrel over Brent crude in the region, with 200,000 barrels of the benchmark-grade fuel being traded. In the market, Lanka IOC was reported to be seeking roughly 39,000 to 40,000 tons of gasoline for June delivery.
Concurrently, Indian Oil had an offering of 35,000 tons of naphtha for May, according to market participants. This indicates a dynamic trading environment as demand fluctuates. Additionally, gasoline stocks in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub experienced an 8% decline, dropping to 1.275 million tons during the week ending April 24.
This figure represents the lowest inventory levels since November 2024, based on Insights Global data. Naphtha stocks also saw a decrease, falling from 513,000 tons the previous week to 479,000 tons. On a broader scale, oil prices fell on Friday, indicating a potential weekly decline of more than 2%.
This downturn is primarily attributed to ongoing oversupply concerns and uncertainties stemming from tariff negotiations between the U.S. and China. In related news, Iranian Oil Minister Mohsen Paknejad announced during a recent visit to Moscow that Iran is looking to enhance cooperation with Russia in various sectors, including agriculture, banking, fuel, and gas. He emphasized the importance of eliminating barriers to foster collaboration between the two nations.