ASIA GASOLINE MOC: FOB Singapore gasoline loadings in Q4 2024 more than double YOY

Market participants in the Asia Platts gasoline physical Market on Close assessment process have completed the loading of 12.3 million barrels traded over fourth-quarter 2024, with the volume of trades reported over the period up 44.71% from third quarter and more than doubling from the same-year ago period, S&P Global Energy data showed.

Gasoline cargo traded volumes for the Q4 period are the highest on record since Platts started tracking eWindow trade data in 2010. The last high for Q4 gasoline traded volumes was in 2019, at 11.25 million barrels. On a wider quarterly basis however, trade volumes were last higher in Q3 2018, at 13.15 million barrels, Energy data showed.

Platts, part of S&P Global Energy, closely monitors performance on trades reported through the Market On Close assessment process as part of its ongoing commitment to upholding the highest standards of integrity and transparency. For this exercise, Platts monitored performance on 204 physical gasoline trades published in the MOC from October through December. Trade performance tracking has revealed that full performance has eventually been reached on all trades tracked to date.

Over the three-month span, the data showed that November saw the highest trading activity for Asian gasoline in 2024, jumping 55% month over month to 5.65 million barrels. The month-over-month spike pushed traded volumes to a six-year high, with S&P Global historical data showing that the last time traded volumes were any higher was in October 2018, at 6.45 million barrels.

The bulk of concluded gasoline trades comprised 92 RON gasoline with 11.25 million barrels, accounting for 91.4% of the total volume traded over the three-month period, Energy data showed.

Traded volumes for 95 RON was 1.05 million barrels over Q4. No 97 RON gasoline barrels were reported traded during the same period.

For the quarter, Unipec Singapore, Vitol Asia and Gunvor Singapore were the biggest buyers at 1.35 million barrels, 1.1 million barrels and 950,000 barrels, respectively. Meanwhile, PTT International Trading, Aramco Trading Singapore and SK Energy International dominated the sell side with volumes of 3.2 million barrels, 2.85 million barrels and 1.7 million barrels, respectively.

The steep rise in traded volumes came as exports from China in November were expected to rise while that for December were expected to fall due to changes to in China's tax rebate policy, sources said.

The country's Ministry of Finance and the State Taxation Administration announced a reduction of tax rebate from 13% on gasoline, gasoil and jet fuel exports to 9%, a statement released Nov. 15 showed. Beijing-based tax specialists said this refundable tax component actually represents VAT.

Regional demand was also healthy ahead of the end of year festive period, sources said.

Performance tracking

As part of the performance tracking, Platts has reviewed various aspects of performance, including timeliness of nominations, completion of loading, as well as other published parameters of the trades.

The table below shows performance tracking details of all trades that were reported through the Asia gasoline physical MOC from October to December 2024.

Total number of trades reported through Asia gasoline physical Platts MOC in Oct, Nov, Dec:

(Volume in '000 barrels)

Source: S&P Global Energy, company sources