NEW DELHI: Asian refining margins for gasoil extended losses on Wednesday for a second consecutive session after US stocks rose and a dearth of trades at the physical window weighed on market sentiment.
Refining profit margins, or cracks, for the 10 ppm gasoil grade retreated to $53.05 per barrel over Dubai crude, according to Refinitiv Eikon data. The cracks were at $62.23 per barrel on Tuesday. Margins for jet fuel slipped to $43.25 per barrel over Dubai crude during Asian trading hours.
Cash differentials for jet fuel rose to a premium of $4.21 a barrel to Singapore quotes on Wednesday, while cash premiums for gasoil with 10 ppm sulphur content slipped 66 cents to $6.29 a barrel to Singapore quotes.
Stocks of middle distillates at the Fujairah Oil Industry Zone (FOIZ) dropped by 571,000 barrels to 2.889 million barrels in the week to June 27, according to industry information service S&P Global Commodity Insights.
US distillate stocks rose by about 2.6 million barrels, market sources said, compared with analysts’ hopes of a decline of about 200,000 barrels in a Reuters poll.
Oil prices gained for a fourth straight session on Wednesday with tight supply worries offsetting concerns about a weaker global economy.
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