Gasoil margins rebound on open market buying interest
Asia’s 10 ppm sulphur gasoil margins rebounded on Wednesday as open market buying interest emerged amid steady oil futures and after a surge in overnight northwest Europe prices.
Refining margins for 10 ppm sulphur gasoil went up to $33.35 a barrel.
Gains, however, were capped by sufficient Asian cargoes, with some Chinese majors still offering material for early February via private negotiations.
Cash differentials for 10 ppm sulphur gasoil went up to $1.95 a barrel.
Jet fuel refining margins surged to $31.60 a barrel.
Regrade widened to minus $1.75 a barrel.
SINGAPORE CASH DEALS
– No gasoil or jet fuel deal.
– U.S. crude oil inventories rose last week, along with gasoline and distillate stockpiles, according to market sources citing American Petroleum Institute figures on Tuesday. Crude stocks rose by about 14.9 million barrels in the week ended Jan. 6, they said. Gasoline inventories rose by about 1.8 million barrels, while distillate stocks rose by about 1.1 million barrels, according to the sources, who spoke on condition of anonymity.
– Middle distillate stocks at Fujairah Oil Industry Zone fell for the first time in three weeks to 2.761 million barrels for the week ended Jan. 9, according to industry information service S&P Global Commodity Insights.