SINGAPORE: Asia’s refining margins for gasoil with 10 ppm sulphur content fell on Thursday, after stocks in the Singapore hub rose to a two-week high and as worries over slowing demand in top consumer China weighed after fresh lockdown measures were announced.
Refining margins for 10 ppm gasoil fell to $44.25 a barrel over Dubai crude in Asian trading hours, compared with $49.21 on Wednesday.
Cash differentials for 10 ppm gasoil stood at a premium of $1.95 a barrel to Singapore quotes, down from $2.20 in the previous session.
Refining margins for jet fuel rose to $38.25 a barrel over Dubai crude during Asian trading hours, compared with $42.36 on Wednesday.
US distillate stockpiles, which include diesel and heating oil, rose by 111,000 barrels last week, government data showed, compared with analysts’ estimates of a drop by about 1 million barrels in a Reuters poll.
Singapore stocks of middle distillates rose 507,000 barrels to a two-week high of 7.738 million barrels in the week to Aug. 31, official data showed.