SINGAPORE: Asia’s 10 ppm sulphur gasoil margins opened the week firmer by 7% to $24.22 per barrel, compared with the previous close, as some buyers re-entered on hopes that the market had bottomed out.

Limited liquidity for open market physical discussions, however, capped gains overall.

Cash differentials for 10 ppm sulphur gasoil went up to $1.19 per barrel, tracking the firmness in margins - even though a buy-sell gap was evident throughout the afternoon trading session.

Jet fuel refining margins rose by a slower pace to $22.22 per barrel, resulting in wider regrade values at a discount of $2 per barrel.

Airbus SE and Qantas Airways Ltd plan to announce the first investment from a $200 million fund to develop a sustainable aviation fuel (SAF) industry in Australia within about a month, an Airbus executive said on Monday.

Russia halted supplies of oil to Poland via the Druzhba pipeline, PKN Orlen’s CEO said on Saturday, adding that the Polish refiner would tap other sources to plug the gap.

China’s Yulong Petrochemical agreed two two-year crude oil supply deals with BP and Chevron to supply its 400,000 barrel-per-day greenfield refinery in northern China from next year, a company official told Reuters on Monday.

The refinery is due to begin commercial operation by December 2024, a Chinese government official told an investment forum in Singapore.

Oil prices fell in volatile trade on Monday, as a stronger dollar and fears of recession risks offset gains arising from Russia’s plans to deepen oil supply cuts.