SINGAPORE: Asia’s refining margins for 10 ppm gasoil and jet fuel extended gains for the fourth consecutive session on Monday, supported by lower crude prices following weak economic data from top importer China.
Refining margins for 10 ppm gasoil rose to $40.64 a barrel over Dubai crude in Asian trading hours, compared with $40.05 on Friday.
Cash differentials for gasoil with 10 ppm sulphur content stood at a premium of $0.82 a barrel to Singapore quotes, up from $0.69 per barrel in the previous session.
Jet fuel demand has come back with a vengeance, as air travel normalises following a post-pandemic global recovery, jet is forecast to account for more than a quarter or as much as half of projected petroleum fuel consumption growth in 2023 compared to just 20% historically, BofA Global Research said in a weekly report.
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