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GASOLINE: Higher Asian Gasoline Margins in Q1 on Tighter Balance: FGE

GASOLINE
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Gasoline margins in Asia are forecast to rise throughout Q1 2025 due to tighter balances from refinery maintenance and as demand remains robust, according to FGE cited by Bloomberg.

  • Asian gasoline cracks are forecast up to $9.10/bbl in February and $9.40/bbl in March compared to $7.80/bbl at the start of the year.
  • In Jan. and Feb Asia’s balance is expected near parity before a 65kb/d deficit in March.
  • Near term gasoline exports from China will be limited at low 200kb/d levels due to domestic demand during the Lunar New Year holiday and with poor export margins.
  • Planned refinery turnarounds in Saudi Arabia, including a 50-day maintenance at Aramco’s Jizan refinery from Jan. 4, will add to spring maintenance in India and South Korea. 
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Gasoline margins in Asia are forecast to rise throughout Q1 2025 due to tighter balances from refinery maintenance and as demand remains robust, according to FGE cited by Bloomberg.

  • Asian gasoline cracks are forecast up to $9.10/bbl in February and $9.40/bbl in March compared to $7.80/bbl at the start of the year.
  • In Jan. and Feb Asia’s balance is expected near parity before a 65kb/d deficit in March.
  • Near term gasoline exports from China will be limited at low 200kb/d levels due to domestic demand during the Lunar New Year holiday and with poor export margins.
  • Planned refinery turnarounds in Saudi Arabia, including a 50-day maintenance at Aramco’s Jizan refinery from Jan. 4, will add to spring maintenance in India and South Korea.