SINGAPORE: Asia’s 10-ppm sulphur gasoil margins were broadly steady at around $25 a barrel on cautious trading sentiment amid faster pace decreases of oil futures in the afternoon trading session on Monday.
The pace of trading activity stayed slow as participants were still waiting for a supply direction from key exporter China for April parcels.
Some talks have emerged that privately owned refiners there could be increasing April crude runs and exports if petrochemical margins improve, but further details could not be confirmed.
Cash differentials for 10 ppm sulphur gasoil kept steady against a buy-sell gap in the market.
Jet fuel refining margins fell to around $20.95 per barrel, with regrade widened further to more than a discount of $4 per barrel to mid-December levels, tracking the weak market sentiment.
China’s state-owned refiner China National Petroleum Corporation (CNPC) will start maintenance at its Changqing refinery from April 1, according to a statement from a CNPC engineering firm that will participate in the overhaul.
The refinery’s 100,000 barrel per day (bpd) crude distillation unit (CDU) and corresponding downstream units will be shut for around 55 days, the company added.
Sinopec’s Luoyang refinery will shut down its whole plant for a 54-days planned maintenance, starting from May 15, according to a statement from a Sinopec engineering firm that will participate in the overhaul.