SINGAPORE: Asia’s 10ppm sulphur gasoil refining margins rose on Wednesday, supported by falling crude prices, even as Middle East stocks rose by 13.5% to a two-week high.
Refining margins for 10ppm sulphur gasoil closed trading at $14.93 a barrel, higher than the previous session’s close of $14.78 a barrel.
Jet fuel refining margins weakened to $14.53 a barrel, compared to the previous session’s close of $14.65 a barrel.
Cash differentials for 10ppm sulphur gasoil were unchanged at minus 36 cents a barrel.
Asia’s regrade value was at minus 40 cents by the end of the trading session, compared with the previous session’s close of minus 13 cents.
US crude oil and gasoline inventories rose last week, while distillate stockpiles fell, according to market sources citing American Petroleum Institute figures on Tuesday. Crude stocks rose by about 3.6 million barrels in the week ended May 5. Gasoline inventories rose by 399,000 barrels, while distillate stocks fell by 3.9 million barrels, according to the sources, who spoke on condition of anonymity.
Middle distillate stockpiles at Fujairah Oil Industry Zone were up approximately 13.5% at 3.379 million barrels for the week ended May 8, according to industry information service S&P Global Commodity Insights.
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