The Asian gasoline market is swamped in supply, because refineries are running at maximum rates to take advantage of positive margins while demand has not kept up. “Demand is pretty good everywhere. But since there is massive oversupply, it’s all overshadowed,” an Asian producer said Friday. Singapore, which has the region’s largest commercial oil storage capacity, reported yet another record high in onshore inventories of light distillates, mainly gasoline and blendstocks. The stocks rose 2.7% week on week to 15.54 million barrels as of March 2, according to International Enterprise Singapore data. The stocks are up 17.9% year on year. Refineries across the region are running at maximum levels as refining margins are still positive and at decent levels, market participants said. This has been the case since second-quarter 2015, when the latest round of gasoline market bullishness started, as relatively low pump prices enticed firm global demand. The […]