South Korea’s GS Caltex has tendered to sell August-loading diesel for the second time this week, three sources familiar with the matter said on Thursday.

The private refiner is offering at least one 300,000-barrel cargo of 500ppm sulphur diesel loading on Aug. 28-30, the sources added.

The tender will close on July 31, with same day validity.

South Korean refiners have been slower with spot sales in August given the widening price backwardation in the market, where prompt prices are continuously trading at higher premiums compared with forward prices, one market source said.

They are holding on to their cargoes first and looking to sell at the best spot premium possible, the source added.
Source: Reuters (Reporting by Trixie Yap; Editing by Kim Coghill)