SINGAPORE: The Asian gasoil differential climbed on Monday helped by firm demand from Singapore-registered Winson Oil, trade sources said.
Winson Oil bought 750,000 barrels of 500ppm sulphur gasoil for loading in November, pushing the differential for the grade to 25 cents a barrel above Singapore quotes, up from 5 cents on Friday, they added.
Winson Oil has bought a very large crude carrier (VLCC) to store oil in the Mediterranean as it pushes to expand its business in Europe, sources have said.
The step was expected to boost Asian gasoil margins if the firm enters the spot market to make large purchases to fill the vessel, traders have said.
Winson bought the VLCC in July for $28 million and has renamed it Winson No. 5, as part of plans to expand in Europe, sources have said.
India's Mangalore Refinery and Petrochemicals Ltd (MRPL) likely sold 40,000 tonnes of jet fuel for Nov. 25 to 27 loading to BP at a a discount of $1.10 a barrel to Singapore quotes.
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