Asia’s 10-ppm sulphur gasoil margins recovered after two days of declines on demand for competitively-priced cargoes in the open market.

Refining margins rose by around $2 a barrel to close the trading session at $31.81 a barrel.

Cash differentials closed lower at $1.64 a barrel as sellers were still readily available, with some participants bearish on supply.

Jet fuel refining margins went up to $30.90 a barrel, with the regrade (JETREG10SGMc1) widening to minus $0.91 a barrel.

SINGAPORE CASH DEALS

– Two gasoil deals.

TENDERS

– Taiwan’s Formosa sells 500-ppm sulphur gasoil at a discount of around $5 a barrel to Singapore quotes.

INVENTORIES

– U.S. crude oil inventories rose last week along with gasoline stocks, while distillate stocks fell, according to market sources citing American Petroleum Institute figures on Wednesday. Crude stocks rose by about 3.3 million barrels in the week ended Dec. 30, they said. Gasoline inventories rose by about 1.2 million barrels, while distillate stocks fell by about 2.4 million barrels, according to the sources, who spoke on condition of anonymity.

– Singapore middle distillates stocks climbed to over 3-month high to 8.336 million barrels as of Jan. 4, according to data released on Thursday by Enterprise Singapore.
Source: Reuters