Gasoil margins fall on cautious sentiment amid firm oil

Asia’s 10-ppm sulphur gasoil margins extended losses on cautious trading sentiment amid firmer oil futures.

Buying interest via open market tenders was muted, with refiners mostly offering February-loading parcels this week.

Refining margins for 10-ppm sulphur gasoil fell by more than $1 a barrel to close at $32.89.

Cash differentials fell to $1.87 a barrel as buyers were unwilling to meet selling expectations.

SINGAPORE CASH DEALS

– No gasoil or jet fuel deal.

TENDERS

– Taiwan’s CPC Corp sells February gasoil at discount

INVENTORIES

– U.S. stockpiles of crude oil were expected to have fallen last week whereas gasoline and distillates inventories were seen rising, a preliminary Reuters poll showed on Tuesday.

– Middle distillates stockpiles at Fujairah Oil Industry Zone hit a month high to 3.308 million barrels for the week ended Jan. 16, according to industry information service S&P Global Commodity Insights on Wednesday.
Source: Reuters