SINGAPORE: Asia's gasoil benchmark 500ppm grade cash differential to Singapore quotes extended gains to reach a premium of 21 cents a barrel, supported by brisk cash deals.
A total of 750,000 barrels of gasoil had changed hands, bringing the total volume traded between June 1 and 29 to about 6.3 million barrels compared with 3.9 million barrels for the whole of May.
The deals were done in premiums of 20 to 30 cents to Singapore quotes for 500ppm grade gasoil and a premium of 90 cents for 10ppm grade.
Recent strong demand from South and Southeast Asia and lower exports from Taiwan and India also have given the market some respite after ample supplies kept the 500ppm cash differentials at discounts to Singapore quotes throughout January to late
April.
Firm demand was also seen in Pakistan, where its gasoil imports jumped to a record high of 132,000 barrels per day in May due, consultancy FGE said in a note.
"We expect imports to ease off from current levels due to the arrival of monsoon season," the note added.
In Japan, Taiyo Oil Co said it shut the 88,000-barrel-per-day No.1 crude distillation unit (CDU) at its 118,000-bpd Shikoku refinery in western Japan on Wednesday for planned maintenance until July 30.
Overall refinery utilisation in Japan in the week to June 25 however was seen up 2.8 percentage points to a six-week high of 79.4 percent.
TENDERS: China Aviation Oil (CAO) was seeking up to 41,000 tonnes of jet fuel for July 30 to Aug. 1 arrival at Tianjin and another 25,000 tonnes of the fuel for Aug. 4-8 arrival at Huangpu through a tender closing on June 30.
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