Asia Distillates: Gasoil cash premiums rise as ARA stocks shrink

NEW DELHI: Asia’s cash premiums for 10 ppm gasoil rose for a second straight day on Friday on hopes of robust demand after European stocks dropped by 8%.

Cash premiums for gasoil with 10 ppm sulphur content rose to $1.14 a barrel to Singapore quotes, compared with $1.10 in the previous session.

Gasoil stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage area declined to 1.686 million tonnes in the week to Thursday, from 1.830 million tonnes the previous week, data from Dutch consultancy Insights Global showed.

The inventories were well below the five-year average for this time of year, which is about 2.475 million tonnes.

One gasoil deal, no jet fuel trades.