Asia’s 10-ppm sulphur gasoil and jet fuel markets saw muted trading activity as the majority of market players were at a key industry conference in Singapore, although refining margins fell to a one-month low amid firmer crude futures.

Some lower-priced sellers remained readily available in the spot market, weighing on both margins and cash premiums for the transport and industrial fuel.

Refining margins fell to almost $26 a barrel, while jet fuel refining margins were slightly above $25 a barrel.

Spot premiums declined by more than 10 cents, reflecting Chinese selling interest after the release of more export quotas from Beijing last Friday.

Regrade closed the session slightly above a discount of $1.30 a barrel.

SINGAPORE CASH DEALS

– One gasoil deal, no jet fuel deal.

NEWS

– Western sanctions against Russia are driving the BRICS grouping of countries closer together in addition to curbing Moscow’s oil revenue, some executives at a major Asia energy conference said.

– European Union shipping services are still handling about half of Russia’s crude oil output, a senior executive from global energy trader Gunvor Group GGL.UL told an industry conference on Monday.

– Global crude oil supplies are expected to improve in the next six to eight weeks because of refinery maintenance, although sour crude will stay tight, said Russell Hardy, chief executive of the world’s largest independent oil trader, Vitol
Source: Reuters (Reporting by Trixie Yap; Editing by Alexander Smith)