Asia’s gasoil market continued to inch up on Tuesday, with cash premium for 10ppm sulphur gasoil approaching its highest in about five weeks.
Refining margins for the product extended gains to above $14.50 a barrel, while market structure continued to improve.
Cracks have been holding steady-to-higher amid upbeat demand prospects and planned regional maintenances, though supplies were still deemed adequate, an industry source said.
As for jet fuel, cash differentials extended an uptick as bids trended higher for the prompt loading dates.
Meanwhile, regrade closed unchanged on Tuesday at a discount of 93 cents a barrel.
SINGAPORE CASH DEALS
– No deal for gasoil and jet fuel.
REFINERY NEWS
– Eneos Corp restarted the 129,000 barrel-per-day crude distillation unit at its Chiba refinery near Tokyo on April 7, following scheduled maintenance, a company spokesperson said on Tuesday.
– Fuji Oil restarted the 143,000 barrel-per-day crude distillation unit at its Sodegaura refinery on March 27, after shutting it down due to a fire, a company spokesperson said on Tuesday.
– Taiyo Oil restarted both crude distillation units at its 138,000 barrel-per-day Shikoku refinery in western Japan in early March following scheduled maintenance, a company spokesperson said on Tuesday.
NEWS
– Oil prices inched higher on Tuesday, supported by new tariff exemptions floated by U.S. President Donald Trump and a rebound in China crude oil imports in anticipation of tighter Iranian supply.
– Kazakhstan’s oil output fell in the first two weeks of April from the March average, but is still above the OPEC+ quota it has pledged to meet after months of overproduction, an industry source told Reuters.
– The International Energy Agency on Tuesday sharply cut its forecast for the growth in global oil demand this year, citing escalating trade tensions, a day after a similar step by producer group OPEC.
– Pakistan is considering importing crude oil from the United States for the first time to offset a trade imbalance that triggered higher U.S. tariffs, according to a government source directly involved with the proposal and a refinery executive.
Source: Reuters