SINGAPORE: Asia’s 10 ppm sulphur gasoil margins and jet fuel cracks on Friday recouped losses suffered in the past three days amid slight volatility in crude futures, but thin liquidity persisted.
Margins for both fuels still recorded their fourth consecutive weekly loss. A buy-sell gap hindered gasoil deals and minimised serious discussions in the open market, although offers finally emerged after a three-day hiatus from sellers.
There were talks of May-loading cargoes being available from South Korean refiners, but this could not be immediately verified.
Cash differentials for 10 ppm sulphur gasoil rose to 95 cents a barrel. On the jet fuel front, one refiner offered a May-loading cargo.
Regrade widened back to a discount of $2.14 a barrel as participants were still bearish about jet fuel fundamentals in comparison with gasoil.
US crude oil stockpiles fell more than expected last week due to strong export and refining demand, the Energy Information Administration said on Wednesday. Gasoline and distillate inventories also drew down sharply, signalling rising demand just days after Saudi Arabia and other OPEC+ oil producers announced further output cuts of around 1.16 million barrels per day (bpd).
- Stock levels of middle distillates in storage at key trading hub Singapore fell for the first time in a month to 9.009 million barrels in the week of April 5, official data from Enterprise Singapore showed on Thursday.
Saudi Arabia, the world’s top oil exporter, has raised the prices of its flagship crude for Asian buyers for the third straight month.
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