India's domestic gasoline production in October rose 11.95% month on month to 3.447 million mt, according to latest data from the Petroleum Planning and Analysis Cell, or PPAC. The country's domestic gasoline production was last higher in March at 3.583 million mt, the data released Nov. 24 showed.
The front-month FOB Singapore 92 RON gasoline crack against Brent swap averaged $9.60/b in October, up $2.50/b from the September average, Platts data showed.
On the physical front, the FOB Singapore 92 RON gasoline crack against front-month ICE Brent crude futures averaged $12.22/b in October, up $4.96/b from the September average. The FOB Singapore 92 RON gasoline crack against front-month ICE Brent crude futures averaged $10.89/b over Nov. 1-29, Platts data showed.
market sources are cautious as global mobility is expected to take a hit, with the emergence of the new COVID-19 variant adding additional pressure on gasoline demand.
Meanwhile, S&P Global Platts Analytics expects some reprieve in India's gasoline demand growth in November while still staying circumspect about the outlook in December as the threat of renewed local restrictions lurks if the variant spreads.
We expect the gasoline demand to grow in Q4 on a quarter-on-quarter basis, with November expected to show a positive growth over October as suggested by mobility indicators," Shreyans Baid, a South Asia oil market analyst with Platts Analytics said. "December gasoline demand may face headwinds if there are restrictions due to the omicron variant from various state governments, like Maharashtra warning its citizens of a lockdown if COVID appropriate behavior is not followed," Baid said. The growth in gasoline demand may not be impressive in coming months as there has been a year-on-year decline in two-wheeler and four-wheeler sales due to semiconductor shortages, he added.
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