SINGAPORE: Asia's gasoil 500ppm cash premium to Singapore quotes edged towards a one-week high of 20 cents a barrel on Monday supported by evidence of stronger demand in Europe.
- STOCK LEVELS: Gasoil stocks held independently in Europe's Amsterdam-Rotterdam-Antwerp hub at about 2.8 million tonnes were at their lowest since Jan. 5 due largely to demand in inland markets and the Mediterranean, PJK data showed.
- TENDERS: Indonesia's Pertamina is looking to buy a total of 529,000 litres of aviation gasoline for July to September delivery via Iso Tanks through a tender closing on June 2.
- China Aviation Oil (CAO) is looking to buy three 25,000-tonne cargoes of jet fuel for June 28 to July 2, July 12-15 and July 22-26 arrival at Huangpu, China, through a tender closing on May 31.
- The lowest offers in a tender by Pakistan State Oil (PSO) to buy two 10,000-tonnes jet fuel cargoes for July delivery were from Gulf Petrochem at $4.71 and $4.77 a barrel premium to Middle East quotes on a cost-and-freight (C&F) basis.
- The price formula is pegged to a 30-day period.
- The lowest offers in PSO's tender for two 55,000-tonne gasoil cargoes scheduled for July delivery to Pakistan were from Winson at $1.99 and $2.05 a barrel premium, pegged to a 30-day price formula.
- REFINERY NEWS: Kuwait National Petroleum Co (KNPC) said on Saturday it expects to restart some units at its Mina Abdulla refinery in June after maintenance, Kuwait agency Kuna reported.
- OTHER NEWS: India, which was seeking gasoil earlier due to refinery maintenance, remained the fastest growing major economy in the world last quarter, a Reuters poll of economists found.
- Infrastructure spending is expected to support India's growth, as will higher agricultural output if the monsoon rains prove favourable, the poll showed.
- Agriculture activities may have an impact on diesel demand as the fuel is used in farming and heavy equipment.
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