SINGAPORE: Asia’s cash premiums for 10 ppm gasoil climbed on Monday, lifted by a stronger deal in the physical trade window, while the front-month spread for the industrial and transportation fuel grade moved to its widest backwardation in more than a week. Cash differentials for gasoil with 10 ppm sulphur content rose for a third consecutive session to be at a premium of $5.57 a barrel to Singapore quotes, up from $4.29 per barrel on Friday. The April/May time spread for 10 ppm gasoil traded at $9 per barrel on Monday, compared with $6.85 a barrel at the end of last week.
Refining margins, also known as cracks for 10 ppm gasoil, jumped to $34 a barrel over Dubai crude during Asian trading hours, up from $26.47 per barrel on Friday.Indian bulk diesel buyers are snapping up diesel from retail stations as pump prices are 25 rupees ($0.33) a litre cheaper than their bulk contract prices, a spokesperson for a fuel retail joint venture of Reliance Industries Ltd and energy major BP said. Indian state-run fuel retailers, who dominate local fuel sales, have not raised pump prices since Nov. 4 despite a surge in global oil and fuel prices, but they have continued to raise prices of direct sales for industrial or bulk clients in line with the terms of those contracts.
Saudi Arabia regained the spot as China’s top crude supplier in the first two months of 2022, having been leapfrogged by Russia in December, while Russian shipments dropped 9% as a cut in import quotas led independent refiners to scale back purchases. Oil prices jumped more than $3 on Monday, with Brent above $111 a barrel, as European Union nations consider joining the United States in a Russian oil embargo, while a weekend attack on Saudi oil facilities caused jitters.
Comments
Comments are closed.