SINGAPORE: Asia’s refining crack for gasoil steadied on Monday after hitting 11-month lows last week, though cash differentials remained weaker on ample regional supplies.
Refining margins for 10 ppm sulphur gasoil were higher on Monday from the previous session’s $22.33 per barrel. Meanwhile, cash differentials for 10 ppm sulphur gasoil fell to $1.08 per barrel, hitting six-month lows.
Refining margins for jet fuel rebounded from the previous week, at $20.36 per barrel on Monday.
The regrade spread narrowed slightly to a discount of $1.97 per barrel, compared to a discount of $2.25 per barrel last week.
Oil prices rose on Monday, buoyed by optimism over Chinese demand, continued production curbs by major producers and Russia’s plans to rein in supply.
China’s commerce ministry has met independent oil refiners to discuss their deals with Russia, five sources with knowledge of the matter said, imports which have saved Chinese buyers billions of dollars.
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