NEW DELHI: Asia’s cash premiums for 10ppm gasoil extended losses on Thursday amid easing seasonal demand and weakness in crude oil markets due to recession fears.
Cash differentials for gasoil with 10 ppm sulphur content were at a premium of $3.29 a barrel to Singapore quotes, the lowest since March 2, down from $3.60 per barrel on Wednesday.
Refining margins, also known as cracks, for 10 ppm gasoil slipped to $47.29 a barrel over Dubai crude in Asian trading hours, compared with $50.52 a day earlier.
Meanwhile, US distillate stockpiles, which include diesel and heating oil, rose by 2.7 million barrels in the week, according to government data.
Middle distillates inventories at the key trading hub of Singapore decreased by 52,000 barrels to a five-week low of 7.619 million barrels in the week to July 13, official data showed.
India’s state-run refiner MRPL issued a tender for the sale of 40,000 tonnes of Jet fuel for delivery during Aug. 4-5, a company document showed. The tender closes on Thursday.
No gasoil deal, no jet fuel trades. Oil prices fell as investors focused on the prospect of a large US rate hike that could stem inflation but at the same time hit oil demand.
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