Asian gasoline margins nearly halve as Chinese fuel exports resume

what happened

According to TradingView, Asian gasoline refining margins on Friday nearly halved from the record high reached at the start of the month. The drop followed the resumption of fuel exports by Chinese refiners, which eased supply concerns, traders and analysts said.

The gasoline crack (GL92-SIN-CRK) fell to about $24 a barrel over Brent from a record $50.53 on October 1. The margin still sits well above the $13 a barrel seen in October last year. Gasoline margins usually weaken in the northern winter as demand drops, but this time a Middle East war, a Russian export ban and unplanned outages at regional refineries, alongside low stocks at key trading hubs, kept them at record levels.

Restocking at Singapore also helped ease tension, although shipments from the Middle East remain constrained. Light distillate stocks in Singapore rose to a one-month high of 13.806 million barrels, according to Enterprise Singapore data.

why it matters

For the market, this means less pressure on Asian refiners. A narrower margin typically reduces the incentive to run refineries at maximum rates, though the level remains elevated. Watch Chinese export flows and Singapore inventories next.

market impact

Gasoline and Asian refiners: margins retreat from record, easing pressure on refining profits

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