NEW DELHI: Asia’s cash premiums for 10 ppm gasoil declined for a seventh straight session on Wednesday amid muted trading activity at the Singapore window and a rise in Middle Eastern inventories.
Cash differentials for gasoil with 10 ppm sulphur content were at a premium of $1.62 a barrel to Singapore quotes, the lowest since Feb. 4 and down from $1.78 per barrel in the last session.
Meanwhile, refining margins for 10 ppm gasoil jumped to $39.64 a barrel over Dubai crude in Asian trading hours, compared with $37.29 on Tuesday.
Stocks of middle distillates at the Fujairah Oil Industry Zone (FOIZ) rose by 387,000 barrels to a two-week high of 3.121 million barrels in the week to July 25, S&P Global Commodity Insights data showed.
US distillate stocks fell by about 554,000 barrels, market sources said, against expectations of an increase by about 500,000 barrels in a Reuters poll.