Asia’s 10-ppm sulphur gasoil margins hit almost a one-month low on Wednesday, following a sell-off in the market amid weak oil futures and overall cautious trading sentiment.

Refining margins for 10-ppm sulphur gasoil fell to $29.99 a barrel at the close of the market.

Premiums however went in the opposite direction and rose as one buyer snapped up both 10-ppm sulphur gasoil and jet fuel cargoes for January loading.

Cash differentials for 10 ppm sulphur gasoil closed the session 9 cents higher day at $1.80 a barrel.

Jet fuel refining margins fell to $29.49 a barrel. As a result, regrade narrowed slightly back to minus 50 cents a barrel.

SINGAPORE CASH DEALS

One gasoil deal, one jet fuel deal.

INVENTORIES

U.S. stockpiles of crude oil were expected to rise last week whereas gasoline and distillates inventories were seen dropping, a preliminary Reuters poll showed on Tuesday. Distillate inventories, which include diesel and heating oil, were expected to have decreased by 1.8 million barrels last week.

Middle distillate stocks at Fujairah went up for a second consecutive week to 3.119 million barrels for the week ended Jan. 2, according to industry information service S&P Global Commodity Insights.

NEWS

Oil edged lower on Wednesday after slumping in the previous session, weighed down by concerns about weak demand due to the state of the global economy.
Source: Reuters