SINGAPORE: Asia’s 10-ppm sulphur gasoil margins snapped a five-day losing streak on Monday and surged by around 11% to $24.94 a barrel amid volatile oil futures and some swaps buying.
Stronger buying interest in the swaps market was the key supporting factor.
The market was otherwise quiet, with most participants taking on a cautious stance given the closed arbitrage for Asian material to the West and a general lack of demand for physical cargoes regionally.
Cash differentials for 10 ppm sulphur gasoil firmed slightly, but a buy-sell gap hindered trades.
Jet fuel refining margins went up by a slower pace once again, resulting in regrade hitting a three-month low at a discount of $3 per barrel.
South Korea’s SK Energy offers more April gasoil. South Korea’s GS Caltex offers April gasoil. Oil prices fell on Monday along with equities as the collapse of startup-focused Silicon Valley Bank raised the spectre of a possible financial crisis, but a recovery in Chinese demand provided support.
S&P Global Commodity Insights said on Monday it has acquired UK-based technology firm Tradenet and its live vessel-tracking platform Market Intelligence Network (MINT) to bolster its capability to track and analyse commodity shipments.
Strikes blocking fuel deliveries from French refineries continued for a sixth day on Monday, after the Senate voted over the weekend to adopt President Emmanuel Macron’s unpopular pension reform plan.
China’s top refiner Sinopec Corp has started a partial maintenance at its Jinling refinery in Nanjing, according to a post on the company’s official Weibo account.
Saudi Arabia’s Rabigh Refining and Petrochemical has restarted its refining and downstream units from a planned maintenance, after more than a month-long delay, four industry sources said.
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