Gasoil margins, cash differentials weaken

SINGAPORE: Asia’s 10-ppm sulphur gasoil margins and cash differentials recorded a downtrend as Chinese cargoes for November emerged amid a rebound in oil futures.

Cash differentials for 10 ppm gasoil physical cargoes fell by 11 cents to $6.24 a barrel following several deals done for second-half November loading.

Refining margins for 10 ppm sulphur gasoil went down to $37.58 a barrel from $39.93 a barrel earlier.

Jet fuel refining margins retreated to $29.71 a barrel at the close of the trading session, compared with $32.48 a barrel previously. US crude oil stockpiles were expected to have risen last week, while distillate and gasoline inventories were seen dropping, a preliminary Reuters poll showed on Monday. Five analysts polled by Reuters estimated on average that crude inventories rose by about 300,000 barrels in the week to Oct. 28.