Asia's gasoline refining margins nearly burned up in July, dropping to just above zero in the worst profit performance for refined fuels over the month as a new wave of coronavirus infections walloped demand recovery and swelled supplies.
SINGAPORE - Asia’s gasoline refining margins nearly burned up in July, dropping to just above zero in the worst profit performance for refined fuels over the month as a new wave of coronavirus infections walloped demand recovery and swelled supplies.
The situation turned even more dire on Monday when the fuel’s margin sank into the red for the first time since June 2. By end-July, though, Asian petrol premiums to Brent had dropped to 4 cents a barrel from $2.37 on July 1. Margins for benchmark 10 parts-per-million gasoil GO10SGCKMc1 rose 2 cents to $6.86 over the same period.
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