Asia’s gasoil market firmed slightly amid higher-priced bids, while a Taiwanese refiner kicked off its May sales.
Window trade remained quiet, though stronger 10ppm sulphur gasoil bids emerged for loading dates in late-April and early-May. The 10ppm sulphur gasoil cash differential (GO10-SIN-DIF) was pegged above a premium of 20 cents per barrel.
Refining margins for gasoil (GO10SGCKMc1) extended gains to premiums above $14.60 a barrel, buoyed largely by volatile crude prices that are still skewed to downside risk.
Meanwhile, Taiwan’s CPC offered 10ppm sulphur gasoil for loading between May 1 and May 15, via a tender that closes on Wednesday. The market continues to eye other potential spot tenders for May loading.
As for jet fuel, offers continued to emerge on the window but were met with scant buying interest.
Regrade (JETREG10SGMc1) closed at discounts of 90 cents a barrel on Tuesday.
SINGAPORE CASH DEALS
– No deals for both fuels
REFINERY NEWS
– India’s Haldia Petrochemicals Ltd will begin a planned maintenance turnaround at its petrochemical complex in eastern India on April 16, a company spokesperson said on Tuesday.
– U.S. oil refiners are expected to have about 1.54 million barrels per day of capacity offline in the week ending April 11, increasing available refining capacity by 282,000 bpd, research company IIR Energy said on Monday.
NEWS
– Oil prices were up around 1% on Tuesday, rebounding from a near four-year low in the previous session on concerns that U.S. tariffs might depress demand and lead to a global recession, though analysts warned downside risks remain.
– Black Sea CPC Blend oil exports for April were revised down to 1.6 million barrels per day, or 6.2 million metric tons, from 1.7 million bpd in the preliminary plan, two sources said.
– Brazil’s state-run oil firm Petrobras is unlikely to lower diesel prices while the economic scenario abroad remains uncertain, Chief Executive Magda Chambriard told Reuters after a request from the government to do so became public.
– Vitol made a net profit of $8 billion to $8.5 billion in 2024, a steep drop from record highs of 2022 and 2023 but still exceeding rivals by a wide margin despite lower volatility, two industry sources familiar with the results said.
Source: Reuters