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Gasoil margins decline on firm oil, buying cushions falls

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Asia’s 10 ppm sulphur gasoil margins reversed the one-day uptrend and weakened to $25.42 per barrel amid firmer oil futures, but firm buying interest cushioned overall market weakness.

Sufficient supply for March is still expected, with China majors likely to keep exports elevated amid increased crude runs.

A handful of northeast Asian refiners were also concluding their March deals via open tenders.

Cash differentials went up to $1.33 per barrel because of strong buying interest from Vitol, despite readily available offers from end-February to March from other traders.

Jet fuel refining margins surged at a quicker pace, narrowing the regrade to a discount of 20 cents, as strong demand expectation continued to buoy market sentiment.

Several analysts estimate jet fuel demand growth to be the quickest among all oil products following the lifting of COVID restrictions in China.

SINGAPORE CASH DEALS

Two gasoil deals, no jet fuel deal.

TENDERS

South Korea’s SK Energy reissues March loading gasoil tender

Taiwan refiners sell March gasoil at small discounts

INVENTORIES

U.S. crude oil stocks rose last week to their highest level since June 2021, helped by higher production, the Energy Information Administration said on Wednesday. Distillate stockpiles (USOILD=ECI), which include diesel and heating oil, rose by 2.9 million barrels in the week to 120.5 million barrels, its highest in a year, EIA data showed. Analysts had expected a 0.1 million-barrel rise.

Singapore light distillate stocks held by up to 14 major oil and oil storage companies drop to 16.766 million barrels, a two-week low, as of Feb.8, according to data released on Thursday by Enterprise Singapore.

NEWS

Oil prices were broadly steady on Thursday as the prospect of higher fuel demand in China as it reopens post-COVID curbs was offset by fears that U.S. crude stocks hitting their highest for months may signal weakening demand in the world’s no. 1 economy.

Source: Reuters

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