SINGAPORE: Asia’s refining margins for gasoil with 10 ppm sulphur content snapped a three-session losing streak on Wednesday, supported weaker crude prices and bigger-than-estimated decline in US stocks.
Refining margins for 10 ppm gasoil rose to $49.21 a barrel over Dubai crude in Asian trading hours, compared with $47.84 on Tuesday.
Cash differentials for 10 ppm gasoil stood at a premium of $2.20 a barrel to Singapore quotes, up from $2.01 in the previous session.
Refining margins for jet fuel rose to $42.36 a barrel over Dubai crude during Asian trading hours, compared with $41.54 on Tuesday.
Stocks of middle distillates at the Fujairah Oil Industry Zone rose by 216,000 barrels to a three-week high of 3.024 million barrels in the week to Aug 29, S&P Global Commodity Insights data showed.
US distillate stocks fell by about 1.7 million barrels in the week ended Aug 26, market sources said, against expectations of a decrease of about 1.0 million barrels in a Reuters poll.