Asian oil swaps prices steadied in late trade on Monday after slipping with US crude oil futures but traders said the Dubai crack stayed firm on tight prompt supply. Brokers quoted May gas oil at $61.45 a barrel, down from $62.50 on Friday. But gas oil's May/June backwardation held steady at five cents a barrel. Its May crack over Dubai widened to $17.50 a barrel, from $17.20 last week. Traders said regional supplies tightened due to heavy maintenance work, but said Middle East Gulf cargoes could head for Asia if Western oil markets continued to fall.
May regrade, or the spread between jet-kerosene and gas oil, firmed to $5.35 a barrel, from $5.10 in early trade.
China Aviation's trading unit issued a fresh tender to buy 40,000 tonnes of jet fuel for May and June, on top of the 390,000 tonnes bought earlier in a tender.
Vietnam's Petrolimex also bought 212,000 tonnes of high-sulphur gas oil for May, taking its total purchase for the month via tender to 230,000 tonnes.
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