Week 16 Pricing Analyst Update – Carrie Ho – APAC – Gasoline
‘- The Singapore 92 RON gasoline flat price fell by $13.27/bl w-o-w to $123.03/bl on 16 Apr, while the Singapore 92 RON gasoline cash differential fell by $1.69/bl w-o-w to $3.90/bl.
– Prices weakened despite a major fire at Viva Energy’s 120 kbd Geelong refinery in Australia late on 15 Apr, where the blaze was concentrated in a gasoline-producing alkylation unit underscoring Asia’s ample mogas inventories.
– Demand remains constrained by high pump prices, with many drivers cutting back discretionary travel, contributing to demand destruction across the region in recent weeks.
– With flat prices now significantly above pre-war levels, each cargo consumes more of buyers’ Value-at-Risk limits, curbing appetite to add length at current levels.
– Nonetheless, some stockpiling ahead of the US summer driving season could offer limited support to Asian gasoline over the next two months.
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