South Korean refiner GS Caltex has issued a third tender in the past three weeks to offer May-loading gasoil spot lots, three sources with knowledge of the matter said on Tuesday.

One 300,000-barrel 500 ppm sulphur gasoil cargo loading between May 28 and May 30 was available from this tender, which closes on April 26 with same-day validity, they added.

The refiner previously sold five 300,000-barrel 500 ppm sulphur gasoil cargoes and three 300,000-barrel 10 ppm sulphur gasoil cargoes for May loading at discounts of $4-6 a barrel and $1.50 a barrel to Singapore quotes, Reuters records showed.

The volumes come despite earlier market expectations of lower export supplies from South Korea, with the possibility of refiners saving more stocks for home after the renewal of domestic sales tax benefits for diesel.

The ready availability of May-loading spot lots from northeast Asian refiners has been weighing on supply fundamentals and overall refining margins for gasoil, which remain at more than one year lows, one Singapore-based trader said.

GS Caltex typically does not comment on the status of their tenders.
Source: Reuters