SINGAPORE: Asia's benchmark 500 ppm gasoil crack persisted below $10 a barrel for the fifth straight session, reflecting ample supplies although the glut has eased slightly on refinery maintenance and improved demand.
Indian Oil Corp (IOC) was seeking up to 94,000 tonnes of diesel with 320 ppm sulphur and 40 ppm sulphur for April delivery to various Indian ports to plug a supply gap.
The state-owned refiner had recently sought a total of 60,000 tonnes of diesel of 320ppm grade and 40ppm grade for April 6-8 delivery to Vizag and Ennore.
The results of the tender was not known.
It was also unclear why IOC was seeking gasoil from the spot market, which traders said was not common.
Previously, Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) had also come forward with tenders to import diesel.
BPCL had however cancelled the tender while results of HPCL's purchase tenders were not known.
India, which exports diesel, rarely imports the fuel.
At best, it will import 10,000 tonnes in a single month occasionally, but in February India imported 70,000 tonnes of diesel, official data showed.
Over in Indonesia, its government may seek parliamentary approval to remove diesel subsidies in a budget revision for 2016.
TENDERS: Vietnam's Petrolimex on Wednesday bought 35,000 tonnes of gasoil with 0.05 percent sulphur content for April 5-15 delivery, bringing its total purchases for April cargoes to 105,000 tonnes.
This was higher than the average of 70,000 tonnes it had bought for February and March through tenders.
SINGAPORE CASH DEALS: BP bought from Total two 150,000-tonne 500ppm gasoil cargoes at a discount of 10 cents a barrel.
One of the cargoes is scheduled for April 17-21 loading, with the other is planned for April 19-23 loading.
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