NEW DELHI: Asia’s cash premiums for jet fuel gained on Wednesday as a decline in Middle East stocks boosted sentiment.
Cash premiums for jet rose to 83 cents per barrel to Singapore quotes, compared with 76 cents a barrel in the previous session.
Stocks of middle distillates at the Fujairah Oil Industry Zone, including jet fuel and gasoil, fell by 630,000 barrels on the week to 1.796 million barrels. Meanwhile, the US distillate inventories fell by 2.2 million barrels, according to sources citing American Petroleum Institute figures.
Cash premiums for gasoil with 10 ppm sulphur content eased to $1.28 a barrel to Singapore quotes, compared with $1.41 in the previous session.
Top oil exporter Saudi Arabia may raise prices of all grades of crude it sells to Asia in March on firm demand and stronger margins for gasoil and jet fuel, trade sources said.