SINGAPORE: Asia’s 10-ppm sulphur gasoil trading liquidity picked up after a myriad of sellers emerged to offload end-March and April parcels, as evidenced from the number of deals.
Trading sentiment turned cautious following overnight poor performance in the upstream oil futures sector, with bids continuously being booked throughout the afternoon trading session.
Some participants were still cautious about April export estimates from China, saying it could change the market’s balance slightly amid demand expectations ahead of the summer.
Refining margins for 10 ppm sulphur gasoil fell to $22.37 a barrel, erasing early week gains.
Cash differentials fell to 70 cents per barrel. Jet fuel refining margins likewise fell and at a faster pace to $19.35 per barrel, widening the forward month regrade to a discount of around $3 per barrel.
US crude oil stockpiles rose last week even as oil refineries ramped up utilization following a strong maintenance season, while gasoline and distillate inventories fell, the Energy Information Administration said on Wednesday.
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