SINGAPORE: Asia’s 10-ppm sulphur gasoil margins were broadly steady day-on-day at $25.57 a barrel as muted market activity continued for a third consecutive day on Wednesday, against a backdrop of unchanged fundamentals.
A portion of the market was away for a conference until the end of the week.
Asian supplies for April could be steady from March, excluding China, with sales tenders expected in the next two days as a handful of refineries are still in the midst of confirming their production plans.
Cash differentials for 10 ppm sulphur gasoil fell further to $1.13 per barrel on competitively-priced offers for March parcels.
Jet fuel refining margins were almost unchanged day on day at $23.87 per barrel.
As a result, regrade was mostly steady at a discount of $1.70 a barrel.
US crude oil inventories rose last week, while fuel stockpiles fell, according to market sources citing American Petroleum Institute figures on Tuesday. Crude stocks rose by about 6.2 million barrels in the week ended Feb. 24, they said.
Gasoline inventories fell by about 1.8 million barrels, while distillate stocks fell by about 340,000 barrels, according to the sources, who spoke on condition of anonymity.
Middle distillates stocks at Fujairah Oil Zone hit a more than 10-month low of 1.421 million barrels for the week ended Feb. 27, according to industry information service S&P Global Commodity Insights.
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