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SINGAPORE: Asian refining margins for 10 ppm gasoil soared to a record high on Monday, buoyed by expectations for firmer short-term demand.

Refining margins, also known as cracks, for 10 ppm gasoil jumped to $55.77 per barrel over Dubai crude on Monday, a new high, according to Refinitiv Eikon data that goes back to 2014. The cracks stood at $53.05 per barrel on Friday.

The gasoil cracks posted their biggest weekly gain since mid-April last week, and were currently more than five times higher compared with their five-year seasonal average of $10.49 a barrel,

Refinitiv Eikon data showed.

Cash differentials for gasoil with 10 ppm sulphur content were at a premium of $5.42 a barrel to Singapore quotes on Monday, compared with $5.05 per barrel at the end of last week.

The June/July time spread for the benchmark 10 ppm gasoil grade in Singapore traded at $7.40 a barrel on Monday, as against $7.50 a barrel on Friday.

Meanwhile, the cracks for jet fuel also climbed to a record high of $48.37 per barrel over Dubai crude during Asian trading hours, up from $45.55 per barrel on Friday.

Oil prices hit $120 a barrel on Monday after Saudi Arabia raised crude prices for July and amid doubts that an increased OPEC+ monthly output target will help ease tight supply.

Saudi Arabia, the world’s top oil exporter, raised July crude oil prices for Asian buyers to higher-than-expected levels amid concerns about tight supply and expectations of strong demand in summer.

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