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SINGAPORE: Asian refining margins for 10 ppm gasoil rose to a fresh all-time high on Friday, posting a weekly gain of 24.2%, while cash differentials for the industrial fuel grade dipped on weaker buying interests in the physical trade window.

Asian oil refiners are reaping their highest profits ever this week, spurred by higher fuel demand during peak holiday seasons as more economies recover from the COVID-19 pandemic while the region ramps up exports to Europe to replace a Russia shortfall.

Refining margins, or cracks, for 10 ppm gasoil jumped for a fifth straight session on Friday to $48.96 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 cracks were at $47.53 a barrel on Thursday. Meanwhile, jet fuel refining margins also surged to a new all-time high of $38.96 per barrel over Dubai crude on Friday, up from $37.38 per barrel a day earlier.

Cracks for the aviation fuel in Singapore have gained over 30% this week, Refinitiv Eikon data showed. Cash premiums for jet fuel inched up by a cent to $1.38 a barrel to Singapore quotes on Friday, while cash differentials for gasoil with 10 ppm sulphur content were at a premium of $7.61 a barrel to Singapore quotes.

Gasoil stocks, held independently in the Amsterdam-Rotterdam-Antwerp refining and storage hub, rose 3.2% to 1.5 million tonnes in the week ended April 28, according to Dutch consultancy Insights Global. Gasoil stocks were stabilising, despite exports across the Atlantic and to South Africa, given strong imports from Europe, according to Insights Global’s Lars van Wageningen.

ARA jet fuel inventories fell 5.2% this week to 850,000 tonnes. Oil prices were mixed on Friday as China’s COVID-19 lockdowns weighed on the outlook for crude demand, although supply disruption fears as Western sanctions curb crude and products exports from Russia underpinned prices.

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