SINGAPORE: Asia's gasoil market held steady on Friday with time spreads, refining margins and cash premiums little changed from the start of the week.
Shrinking global inventories of the fuel and steady demand were supportive, with demand expected to gather pace in the coming summer months.
STOCKS
- Gasoil stocks held in the Amsterdam-Rotterdam-Antwerp (ARA) storage and refining hub fell by nearly 7 percent to a two-week low of 2.041 million tonnes, said Dutch consultancy PJK International.
- The drop in gasoil stocks came as imports into the region slowed while demand remained on the low side, PJK's Lars van Wageningen said.
- By contrast, jet fuel stocks in the ARA hub climbed 7 percent to 637,000 tonnes in the week to May 24, up from 593,000 tonnes in the previous week, the data showed.
- ARA gasoil stocks were 27 percent down from year-ago levels, while stocks of jet fuel were 21 percent lower.
- In Singapore, onshore gasoil and jet fuel stocks jumped 12.7 percent or 932,000 barrels to 8.265 million barrels in the week to May 23, the highest in four weeks, official data showed.
- Singapore middle distillates inventories were 43 percent down form a year ago.
- US distillate stockpiles, which include diesel and heating oil, fell last week by 1 million barrels, against expectations for a drop of 1.3 million barrels, EIA data showed.
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