Asian gasoil cracks hit a fresh record high on Monday, as concerns over tightening supply flows swelled, as global demand showed no signs of cooling off despite high outright prices. Gasoil's June crack widened to $37, jumping nearly $4 from Friday's closing session.
"We aren't too far from $40 crack now, I don't believe the situation is going to get any better, this market is tight, and you'll see this in the coming months," a trader said. Gasoil cracks hit a peak, as dealers reacted to the shutdown of a major distillate producing Indonesian refinery in Balongan and the partial halt to CDU operations at Shell's Singapore refinery. Pertamina may need up to 18 days to repair a residual fuel catalytic cracking (RFCC) unit at the installation in Balongan.