SINGAPORE: Asia’s 10 ppm sulphur gasoil margins and cash premiums fell on Thursday amid ample supply in the regional market.
Refining margins for 10 ppm sulphur gasoil closed lower from the previous day at $24.52 a barrel.
Meanwhile, cash differentials for 10 ppm sulphur gasoil fell to $1.29 a barrel.
Jet fuel refining margins also weakened from the previous day at $22.21 per barrel. The regrade spread widened to a five-week low, at a discount of $2.20 per barrel.
US distillate stockpiles, which include diesel and heating oil, fell by 1.3 million barrels to 119.2 million barrels, versus expectations for a 400,000-barrel rise.
Singapore middle distillates stocks held by up to 14 major oil and oil storage companies rose to a two-week high of 7.685 million barrels as of Feb. 15, according to data released on Thursday by Enterprise Singapore.
Oil prices rose on Thursday as hopes of a robust fuel demand recovery in China offset losses arising from strength in the greenback and a large build in US crude inventory.
India has cut its windfall tax on crude oil and exports of aviation turbine fuel and diesel, according to a government notification dated Feb. 15.
Pakistan has hiked the price of petrol by 22.20 rupees ($0.0835) a litre to 272 rupees ($1.02) effective on Thursday because of the plummeting value of the country’s currency, the finance ministry said in a statement.
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