SINGAPORE: Asia’s refining margins for 10 ppm gasoil snapped a three-session losing streak on Wednesday, supported by weaker crude oil prices and demand concerns stemming from recession fears.
Refining margins for 10 ppm gasoil rose to $35.54 a barrel over Dubai crude in Asian trading hours, compared with $31.48 on Monday.
Cash differentials for gasoil with 10 ppm sulphur content were at a premium of $0.62 a barrel to Singapore quotes, down from $1.04 per barrel in the previous session.
Stocks of middle distillates at the Fujairah Oil Industry Zone rose by 330,000 barrels to a four-week high of 3.638 million barrels in the week to Aug. 8, S&P Global Commodity Insights data showed.
US distillate stocks rose by about 1.4 million barrels in the week ended Aug. 5, market sources said, against expectations of an decrease by about 700,000 barrels in a Reuters poll.
No gasoil trades, no jet fuel deals. Oil prices fell on Wednesday ahead of a key US report on inflation and after industry data showed US crude inventories unexpectedly rose last week, signalling a potential hiccup in demand.