Asia’s 10 ppm sulphur gasoil cash differentials eased for a third straight session on Friday as spot trade remained quiet, while offers continued to emerge.

Gasoil cash differentials slipped to 60 cents a barrel, while refining margins were lower at $17.49 a barrel.

Jet fuel refining margins was rangebound and closed at $17.49 a barrel, while its cash differentials and timespreads were little changed.

Meanwhile, the regrade spread closed at a narrower discount of $1.46 a barrel on Friday.

SINGAPORE CASH DEALS

– No gasoil or jet fuel deal.

INVENTORIES

– U.S. crude stocks posted a larger-than-expected drop in the last week, helped by strong export demand and low imports, while gasoline and distillate inventories rose, the Energy Information Administration said on Thursday.

– Middle distillates stockpiles at Fujairah Oil Industry Zone fell by 1.102 million barrels week-on-week to 3.494 million barrels for the week ended June 26, according to industry information service S&P Global Commodity Insights.

– Gasoil stocks held in independent storage at the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub dropped by 1.7% at 2.005 million tons in the week to June 29, data from Dutch consultancy Insights Global showed.

NEWS

– Oil prices were on course for a fourth consecutive quarter of losses on Friday, amid concerns over sluggish global economic activity and fuel demand.

– China’s Shandong refining hub has begun releasing millions of barrels of oil that were stuck at ports after inspections curbed imports into the province, trading sources said following a meeting this week between officials and refiners.

– Russia’s seaborne oil exports from Primorsk, Ust-Luga and Novorossiysk will fall to 1.9 million barrels per day in July from 2.3 million bpd in June as domestic refineries increase runs, Refinitiv Eikon data showed.
Source: Reuters (Reporting by Jeslyn Lerh; Editing by Shinjini Ganguli)