Refining margin for gasoil recovered to its highest in more than three weeks, largely supported by expectations of lower Chinese export supplies.

The 10ppm sulphur gasoil crack closed above $14 a barrel on Friday, posting a weekly uptick of about 5%.

Meanwhile, gasoil cash differential held largely stable amid rangebound trades, though backwardation narrowed at the prompt months.

SINGAPORE CASH DEALS

– Two deals for gasoil, no deal for jet fuel

INVENTORIES

– Gasoil and diesel stocks in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub fell marginally to 2.43 million tons, as regional refinery maintenance pushed demand higher, data from Dutch consultancy Insights Global showed.

NEWS

– Oil prices rose further on Friday and were on track for strong weekly gains as investors weighed the prospect of a wider Middle East conflict disrupting crude flows against a well-supplied global market.

– Spain’s crude oil imports from Venezuela have this year reached levels not seen since 2009, according to data released on Friday by Cores, an arm of Spain’s energy and environment ministry.

– U.S. dock workers and port operators reached a tentative deal that will immediately end a crippling three-day strike that has shut down shipping on the U.S. East Coast and Gulf Coast, the two sides said Thursday.
Source: Reuters (Reporting by Jeslyn Lerh; Editing by Shreya Biswas)