Taiwan’s CPC Corp likely to skip June gasoil sales -sources
Taiwanese refiner CPC Corp is likely to skip 10 ppm sulphur gasoil spot sales for June loading as stockpiling activity continues ahead of its imminent refinery overhaul, industry sources said on Friday.
The state-owned refiner was initially considering selling either June or July cargoes, given current volatility in gasoil prices, but is now likely to offer July cargoes, they added.
One of the sources initially expected the refiner to sell one gasoil cargo for June.
The refiner previously sold only one 10 ppm sulphur gasoil cargo for May, loading at a small discount to Singapore quotes, Reuters records showed.
Taiwanese refiners have cut back on spot sales for June because of expectedly lower run rates going into mid-2023, with FPCC also skipping June export sales for 10 ppm sulphur gasoil this month owing to expected cuts to operating rates.
Source: Reuters (Reporting by Trixie Yap Editing by David Goodman)