SINGAPORE: Asia’s 10-ppm sulphur gasoil and jet fuel refining margins fell for the third consecutive trading session on Monday, on the back of ample supply expectations for June.
Cash differentials for 10 ppm sulphur gasoil likewise fell to minus 35 cents as offers were readily available in the open market.
At least two northeast Asian refiners were mulling June spot sales, weighing on trading sentiment.
Supply from South Korea remains sufficient despite the maintenance season, one trader said.
Refining margins for 10 ppm sulphur gasoil were at $14.88 a barrel, while jet fuel refining margins were at $14.28 a barrel.
Limited exports from China for May capped market weakness.
Kuwait’s newest refinery Al Zour has issued its first tender for fuel oil sales following a near eight-week hiatus, trade sources said on Monday, after a partial shutdown halted spot sales at the complex.
Oil prices were steady on Monday as bullish sentiment about tightening supplies from OPEC+ cuts and a resumption in US buying for reserves competed with concerns about fuel demand in the top global oil consumers, the United States and China.
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