SINGAPORE: Asia’s 10 ppm sulphur gasoil margins and premiums extended losses on Monday over limited buying interest in the open market and a surge in oil futures.
Cash differentials fell to a fresh low from end-September, closing at $1.79 a barrel. Offers were plentiful for December-loading parcels but buyers were not in sight.
Refining margins for 10 ppm sulphur gasoil closed lower at $34.09 a barrel compared with $35.33 a barrel previously.
Jet fuel refining margins softened by more than $2 a barrel to $29.98 a barrel.
Regrade closed the session wider at minus $4.11 a barrel.
The Group of Seven price cap on Russian seaborne oil came into force on Monday as the West tries to limit Moscow’s ability to finance its war in Ukraine, but Russia has said it will not abide by the measure even if it has to cut production.
Oil prices edged up on Monday after OPEC+ nations held their output targets steady ahead of a European Union ban and a price cap kicking in on Russian crude. At the same time, in a positive sign for fuel demand, more Chinese cities eased Covid-19 curbs over the weekend, though the partial easing in policies sowed confusion across the country on Monday.
TotalEnergies and Air France-KLM signed a memorandum of understanding for the supply of the so-called sustainable aviation fuel over a 10-year period, the companies said on Monday.
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