Gasoil, jet fuel margins up around 25% week on week

Asia’s 10 ppm sulphur gasoil margins posted limited day-on-day change on Friday, but gained around 25% week-on-week trending in line with northwest Europe cracks despite cautious buying activity in the region.

Cash differentials for 10 ppm sulphur gasoil however closed lower at $1.47 a barrel because of competitively-priced offers for end-December/early January.

Offers were readily available from three trading parties in the open market.

Refining margins for 10 ppm sulphur gasoil went up by 7 cents day on day to $41.54 a barrel.

Jet fuel refining margins firmed to $37.74 a barrel compared with $37.27 a barrel in the previous session.

Regrade narrowed slightly to minus $3.80 a barrel.

SINGAPORE CASH DEALS

No gasoil or jet deals.

INVENTORIES

Gasoil stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage area were up 2% in the week to Thursday, data from Dutch consultancy Insights Global showed. Gasoil stocks rose 2% on the back of strong eastern imports, particularly from India, Insights Global’s Lars van Wageningen said. Jet fuel stocks were up 6% on rising imports from east Asia, including China, amid generally weak demand with current stock possibly ending up in the diesel blending pool.
Source: Reuters