Middle East gasoline traders feel pinch of falling margins
1 November 2024
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“Gasoline markets have weakened markedly in key regions, with Sparta noting that prompt prices in Singapore have fallen into a discount to those for delivery out to mid-2025, “followed closely by a bearish Europe.” The market looks set to trend lower, they add.
MEES, November 1, 2024 – Sparta noted a weakening gasoline market with prompt Singapore prices discounted against mid-2025 deliveries, alongside a bearish European trend. This has prompted Aramco Trading Company and other firms like Litasco, BP, and Montfort to reduce storage in Fujairah and Sohar, while potentially benefiting companies like Reliance aiming to expand in the region.