Asia Distillates: Gasoil cash premiums at multi-year high

NEW DELHI: Asia’s cash premiums for gasoil extended gains on Thursday after Singapore inventories declined to a three-week low, boosting demand sentiment.

Cash premiums for gasoil with 10 ppm sulphur content surged to $1.59 a barrel to Singapore quotes, the highest since Oct. 2019, against $1.50 in the previous session.

Singapore’s onshore inventory of middle distillates dropped 248,000 barrels to 8.210 million barrels in the week to Feb. 2, data from Enterprise Singapore showed.