Asia’s 10-ppm sulphur gasoil cash premiums closed the week higher on the back of strong buying interest in the open market, against a backdrop of stronger prompt fundamentals in the West.

At least three traders sought for February-arrival parcels, pushing cash premiums higher. There were few sellers in the market, with several participants already away for the holidays.

Cash differentials (GO10-SIN-DIF) rose to $2.31 a barrel, their highest level so far this year.

SINGAPORE CASH DEALS

– No gasoil or jet fuel deal.

INVENTORIES

– U.S. crude oil stockpiles last week posted a large build that took analysts by surprise, as inventories in the Cushing, Oklahoma, storage hub gained while the market continued to recover from a winter storm last month, data from the Energy Information Administration showed on Thursday.

Distillate stockpiles, which include diesel and heating oil, fell by 1.9 million barrels in the week, versus expectations for a 122,000-barrel build, the data showed.

Gasoil stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage area rose to their highest since early September 2021 in the week ended Thursday, data from Dutch consultancy Insights Global showed. Gasoil stocks rose to 2.208 million tonnes as a result of stockbuilding ahead of a Feb. 5 European ban on Russian diesel imports, said Insight Global’s Patrick Kulsen.
Source: Reuters