AVN 64.02 Decreased By ▼ -0.57 (-0.88%)
BAFL 28.78 Decreased By ▼ -0.47 (-1.61%)
BOP 4.03 Increased By ▲ 0.01 (0.25%)
CNERGY 3.46 Decreased By ▼ -0.02 (-0.57%)
DFML 11.78 Increased By ▲ 0.08 (0.68%)
DGKC 43.91 Increased By ▲ 1.46 (3.44%)
EPCL 46.78 Increased By ▲ 0.58 (1.26%)
FCCL 11.96 Increased By ▲ 0.10 (0.84%)
FFL 5.41 Decreased By ▼ -0.08 (-1.46%)
FLYNG 5.82 Increased By ▲ 0.03 (0.52%)
GGL 10.57 Decreased By ▼ -0.10 (-0.94%)
HUBC 67.53 Increased By ▲ 0.43 (0.64%)
HUMNL 5.40 Decreased By ▼ -0.02 (-0.37%)
KAPCO 24.09 Increased By ▲ 0.04 (0.17%)
KEL 2.07 Increased By ▲ 0.01 (0.49%)
LOTCHEM 25.35 Increased By ▲ 0.22 (0.88%)
MLCF 25.98 No Change ▼ 0.00 (0%)
NETSOL 73.23 Decreased By ▼ -0.77 (-1.04%)
OGDC 83.36 Decreased By ▼ -0.49 (-0.58%)
PAEL 11.30 Increased By ▲ 0.75 (7.11%)
PIBTL 4.22 Increased By ▲ 0.43 (11.35%)
PPL 63.96 Increased By ▲ 0.16 (0.25%)
PRL 12.14 Decreased By ▼ -0.13 (-1.06%)
SILK 0.88 Increased By ▲ 0.02 (2.33%)
SNGP 39.09 Decreased By ▼ -0.21 (-0.53%)
TELE 7.44 Decreased By ▼ -0.25 (-3.25%)
TPLP 14.20 Increased By ▲ 0.15 (1.07%)
TRG 106.04 Increased By ▲ 0.27 (0.26%)
UNITY 13.29 Increased By ▲ 0.19 (1.45%)
WTL 1.18 Decreased By ▼ -0.01 (-0.84%)
BR100 4,056 Increased By 20.6 (0.51%)
BR30 14,367 Increased By 35 (0.24%)
KSE100 40,001 Increased By 152.5 (0.38%)
KSE30 14,853 Increased By 85.8 (0.58%)
Follow us

SINGAPORE: Asia’s 10 ppm sulphur gasoil margins rebounded 4.4% day on day to $24.99 per barrel, almost erasing earlier week’s losses, as trading sentiment turned for the better amid a strong rebound in oil futures.

Cash differentials for 10 ppm sulphur gasoil went up to 75 cents per barrel as some traders continued their pursuit for end-March and April parcels.

Gains were capped after a portion of the market questioned the sustainability of a price rebound in the near-term amid persistently weak regional demand fundamentals.

Supply was readily available from northeast Asia, with a handful of South Korean refiners still offering April parcels and Indian refiners emerging to start their April discussions.

Jet fuel refining margins firmed as well to $22.32 per barrel.

Forward month regrade and prompt regrade values both narrowed to discount of $2.67 a barrel and $3.57 a barrel as some spread buyers came back in as they had expectations of the market already bottoming out.

The IEA still expects air travel demand to improve in its report on Wednesday. “Rebounding jet fuel use and a resurgent China will see an overall 1Q-4Q ramp-up of 3.2 million barrels per day (bpd), the largest relative in-year increase since 2010.”

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 1.2 million barrels in the week ended March 10, they said. Gasoline inventories fell by about 4.6 million barrels, while distillate stocks fell by about 2.9 million barrels, according to the sources, who spoke on condition of anonymity.

Middle distillates stockpiles at Fujairah Oil Industry Zone hit a six-week high of 2.521 million barrels for the week ended March 13, according to industry information service S&P Global Commodity Insights.

Chinese refineries processed 3.3% more crude oil in the first two months of 2023 compared with a year earlier, data showed on Wednesday, spurred by fuel export policy and as independent refiners processed more in response to improving margins.

Saudi Arabia’s energy minister Prince Abdulaziz bin Salman told Energy Intelligence in an interview on Tuesday the OPEC+ alliance will stick until the end of the year to production cuts agreed in October.

Oil prices rebounded more than 1% on Wednesday, recovering from the previous day’s fall, after OPEC’s upwards revision for Chinese consumption offset bearish global investor sentiment trigged by US bank failures.

Some 42% of operators at TotalEnergies’ French refineries and depots were on strike Wednesday morning as a walkout over the government’s planned changes to its pension system continued for an eighth day, a company spokesperson said.

Kuwait has asked some Asian refiners to take less oil under their annual deals as the OPEC producer hopes to start full-scale operations at its Al Zour refinery later this year, three refining sources familiar with the matter said.


Comments are closed.

Gasoil margins rebound; regrade narrows as buyers emerge

Renewable energy sector: PM urges UAE firm to make investment

Textile exports may fall by $3bn this year, warns APTMA

China has rolled over $2bn loan, Dar tells Senate

Rating downgrades may have added to IMF’s concerns: Pasha

India regulator probing some Adani offshore deals for possible rule violations

If not effected, up to 9pc of amount to be marked as lien: SBP asks exporters to bring in delayed proceeds by 30th

SBP seen raising key rate to record 22pc as inflation bites

Election delay case: SC rejects govt’s full court plea

Corporate farming: LHC stays handing over of land to army

All categories of consumers: Nepra approves Rs3.23/ unit surcharge