Asia’s refining margins for gasoil and jet fuel logged weekly declines on Friday as regional exports remained strong.

Refining margins for 10 ppm sulphur gasoil closed the week at $22.05 per barrel, sliding by 6% week-on-week.

Cash differentials for 10 ppm sulphur gasoil eased to $1.24 a barrel.

“China’s February-loading exports are assessed at 638,000 tonnes so far and are forecast to rebound to 2.4 million tonnes as refiners raise runs and increase gasoil production,” said Zameer Yusof, senior analyst for middle distillates at Refinitv Oil Research.

Meanwhile, jet fuel refining margins fell by 11% week-on-week, closing the session at $19.80 per barrel.

The regrade spread widened further on Friday to a discount of $2.25 per barrel.

SINGAPORE CASH DEALS

– One gasoil deal, no jet fuel trade.

Gasoil stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage area hit a new two-year high last week, data from Dutch consultancy Insights Global showed on Thursday.

Gasoil stocks are at their highest since March 2021 on the back of ample imports, including from East Asia and India, said Insights Global’s Lars van Wageningen.

At the same time, inland gasoil demand along the river Rhine was low, with tanks filled up because of an import ban on Russian fuel that came in on Feb. 5.
Source: Reuters