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SINGAPORE: Asian refining profits for 10 ppm gasoil climbed for a fourth consecutive session on Thursday, soaring to an all-time high, riding on firmer industrial and transportation demand amid tighter supplies.

Refining margins, also known as cracks, for 10 ppm gasoil jumped to $47.53 a barrel over Dubai crude during Asian trading hours, the strongest level on record, according to Refinitiv Eikon data that goes back to 2014.

The gasoil cracks were at $46.59 per barrel on Wednesday, and have gained nearly 15% in the last two weeks, Refinitiv data showed. Meanwhile, jet fuel refining margins also soared to a new all-time high of $37.38 per barrel over Dubai crude on Thursday, up from $36.24 per barrel a day earlier.

“Flight and road driving activities are picking up as COVID-related restrictions are lifted in most countries in recent weeks,” said Sandy Kwa, senior analyst at Boston Consulting Group.

“While high retail fuel prices could dampen demand somewhat, there is still support from increasing essential driving activities and the release of pent-up demand,” she added.

Cash premiums for jet fuel rose to $1.37 a barrel to Singapore quotes on Thursday, while cash differentials for gasoil with 10 ppm sulphur content were at a premium of $7.67 a barrel to Singapore quotes.

Singapore’s middle distillate inventories dropped 21.9% to a three-week low of 7.04 million barrels in the week to April 27, according to Enterprise Singapore data. This week’s onshore stocks were about 45% lower compared with the corresponding week a year earlier.

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