SINGAPORE: Asia’s 10 ppm sulphur gasoil and jet fuel margins surged by almost $1.50 a barrel tracking overnight gains in the West, with support coming from supply disruptions worries there.
These concerns came after a fire at one portion of Marathon’s 593,000 barrels per day Galveston Bay refinery killed one and injured two.
Gains were subsequently capped by plentiful of sellers in the Asian trading session remained aplenty as the region’s demand-supply fundamentals were still weak.
Refining margins for 10 ppm sulphur gasoil firmed to a one-month high of $16.27 a barrel, likewise jet fuel margins which were at $15.44 a barrel.
Cash differentials gained slightly to a discount of around 30 cents, but the numbers of sellers for June parcels continue to exceed buyers.
US crude oil and gasoline stockpiles were seen falling last week, with distillate inventory expected to have increased last week, a preliminary Reuters poll showed on Monday.
Analysts estimated stockpiles of gasoline fell by about 1 million barrels last week, while distillate , which include diesel and heating oil, increased by about 200,000 barrels.
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