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SINGAPORE: Asia’s 10 ppm sulphur gasoil margins dipped on Tuesday over stronger crude prices amid a dearth of trades at the physical window.

Refining margins for 10 ppm sulphur gasoil closed lower at $32.15 a barrel compared with $34.09 a barrel previously.

Meanwhile, cash differentials for 10 ppm sulphur gasoil closed at $1.83 a barrel, up by 4 cents day-on-day.

Jet fuel refining margins softened by more than $1 a barrel to $28.68 a barrel.

Regrade closed the session at minus $3.47 a barrel, narrower by 64 cents. US crude oil stockpiles were expected to have declined last week, while gasoline and distillate inventories were seen higher, a preliminary Reuters poll showed on Monday.

Distillate inventories, which include diesel and heating oil, were expected to have increased by 2.1 million barrels last week.

Oil rebounded on Tuesday after plunging by more than 3% in the previous session, as the implementation of sanctions on Russian seaborne crude oil eased concerns about oversupply while the relaxing of China’s Covid curbs bolstered the demand outlook.

Saudi Arabia, the world’s top oil exporter, cut the January official selling price for its flagship Arab Light crude for Asian buyers to a 10-month low, on concerns over faltering demand and a potential increase in Russian competition.

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