Asia’s 10-ppm sulphur gasoil margins kicked off the week at an almost two-week high, tracking gains in the futures market and overall weaker crude futures, with November selling interest from Chinese majors starting.
Some Chinese majors emerged to start first-half November sales, in line with earlier market expectations, given lucrative export margins.
Spot cash premiums slipped by 2 cents from the previous session on the ready availability of lower-priced sellers in the open spot market.
Jet fuel refining margins also gained, likewise gasoil, but overall slow demand from the West capped market activity.
The East-West arbitrage window remained open but discussions were curtailed as demand was slowing there, one refinery source said.
Regrade narrowed slightly amid a lack of thin-spread discussions in the paper market, but remained at a discount above $2.50 a barrel.
Source: Hellenic Shipping News
