SINGAPORE: Spot cash premiums for 10 ppm sulphur gasoil in Asia rose for the fifth consecutive week on short-covering as well as some demand for July parcels in the open market.
Some Australia-based buyers snapped up South Korean cargoes in the past few days via open tenders, while buying interest stayed firm from one Chinese major refiner on the last trading day of the week as evidenced from bidders in the market. Refining margins likewise rose but for the third consecutive week, closing at slightly above $18 a barrel.
Jet fuel refining margins rose as well to almost $17.90 a barrel, tracking the gains in gasoil despite limited open market buying interest and cautious regional demand.
As a result, regrade widened to slightly more than $1 a barrel given the roll-over in months to July and overall thin market activity.
Gasoil stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage fell more than 4% to 2.25 million metric tons on strong demand up the Rhine, Wageningen said.
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