SINGAPORE: Asia’s refining profit margins slid for a third consecutive session on Wednesday after Middle East stocks rose to a three-week high.
Refining margins for 10 ppm gasoil slipped to $34.91 a barrel over Dubai crude in Asian trading hours, compared with $35.82 on Tuesday.
Meanwhile, cash differentials for gasoil with 10 ppm sulphur content were at a premium of $1.91 a barrel to Singapore quotes, up from $1.19 per barrel in the last session.
Stocks of middle distillates at the Fujairah Oil Industry Zone rose by 187,000 barrels to a three-week high of 3.308 million barrels in the week to Aug. 1, S&P Global Commodity Insights data showed.
US distillate stocks fell by about 350,000 barrels in the week ended July 29, market sources said, against expectations of an increase by about 1.0 million barrels in a Reuters poll.
Two gasoil trades, no jet fuel deals. Oil prices dipped on Wednesday ahead of a meeting of OPEC+ producers at which producers are expected to keep output steady with spare capacity limited and against the backdrop of fears that a slowdown in global growth will hit fuel demand.
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