SINGAPORE: Asia’s 10-ppm sulphur gasoil activity stayed muted on Monday for the sixth consecutive session without open market deals, against a backdrop of cautious trading sentiment.
Refining margins were broadly steady from the previous trading session at around $26 per barrel.
Cash differentials for 10ppm sulphur gasoil remained weighed on by persistently competitively-priced offers for second-half March and early April loading.
This was despite fresh estimates of China’s gasoil exports for March and April at around 300,000 tonnes from a handful of trading participants.
Jet fuel refining margins, however, fell at a slightly quicker pace, resulting in a narrower regrade at a discount of $2.20 per barrel.
Taiwan’s CPC Corp offers April-loading gasoil.
Indonesia’s state energy company Pertamina said on Friday its fuel supply remained secure after a fire at its storage station in the capital Jakarta. A spokesperson also told Reuters the company planned to divert the fuel supply for Jakarta from other terminals. The fuel station has a capacity of over 300,000 kilo-litres, according to the country’s energy ministry.
Top crude exporter Saudi Arabia raised prices for the flagship Arab light crude it sells to Asia for a second month in April, to $2.50 a barrel above the Oman/Dubai average, Aramco said on Sunday night.
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