NEW DELHI: Asia’s cash premiums for 10 ppm gasoil rose for a third consecutive session on Monday over a supply crunch amid firm industrial demand in the region.
Cash premiums for gasoil with 10 ppm sulphur content rose to $1.24 a barrel to Singapore quotes, compared with $1.14 in the previous session.
“Asia’s gasoil supplies have been constrained by a string of refinery closures, lower exports from China, and delays to refinery start-ups,” consultancy FGE said in a note. Indicating robust consumption, stock levels at the key trading hubs globally are at their lowest level since at least 2017. Oil prices rose on worries about supply disruption amid concerns about Russia-Ukraine discord and rising tensions in the Middle East, which could make an already tight market even tighter.
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