Week 15 Pricing Analyst Update – Carrie Ho – APAC – Gasoline
‘- Singapore 92 RON gasoline flat price fell $8.89/bl on the week to $136.30/bl on 9 April; the cash differential slipped $1.23/bl to $5.59/bl.
– Regional gasoline premiums were broadly stable on the week, supported by adequate stocks and thin spot liquidity.
– Blending demand stayed muted due to a lack of key components; FOB Singapore MTBE dropped about $105/mt on the week to $977.80/mt, also partly due to lower octane values this week.
– Recent Indian low-benzene pygas trades were heard slightly lower.
– Market participants reported some buying interest, including bids from Indonesia, Vietnam and Sri Lanka, but several were later pulled due to demand destruction or shifts into direct government-to-government negotiations.
– Outside China, East Asian refinery runs remained subdued.
– Prompt physical demand is languid despite steep prompt paper values, traders said.
– But most remain cautious about shorting the intermonth spread amid ongoing uncertainties in overall supply.
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