NEW DELHI: Asia’s cash premiums for gasoil registered weekly gains of nearly 5% after European stocks fell on strong demand.

Cash premiums for gasoil with 10 ppm sulphur content eased to $1.51 a barrel to Singapore quotes on Friday, against $1.59 in the previous session.

Gasoil stocks at Amsterdam-Rotterdam-Antwerp (ARA) refining and storage area declined by 2.5%, as demand up the Rhine river improved week-on-week, data from Dutch consultancy Insights Global showed.

Meanwhile, cash premiums for jet rose to $1.70 per barrel to Singapore quotes, the strongest since Feb. 2018, compared with $1.26 a barrel in the previous session.

No jet fuel trades, no gasoil deals. Russia has agreed to a 30-year contract to supply gas to China via a new pipeline and will settle the new gas sales in euros, bolstering an energy alliance with Beijing amid Moscow’s strained ties with the West over Ukraine and other issues.