Asia Distillates: Gasoil cash premiums drop

NEW DELHI: Asia’s cash premiums for 10 ppm gasoil dropped on Wednesday, snapping a four-day rally, after a spike in Middle Eastern inventories dented demand sentiment, although tight supplies from China limited losses.

Cash premiums for gasoil with 10 ppm sulphur content slipped to $1.08 a barrel to Singapore quotes compared with $1.24 per barrel in the last session.

Middle distillates stockpiles at Fujairah Oil Industry Zone, including

Gasoil and jet fuel rose by 1.180 million barrels to 2.426 million barrels in the week to Jan. 17, according to S&P Global Platts data. Cash premiums for jet fuel fell 5 cents to 95 cents per barrel to Singapore quotes.