Asia Distillates Gasoil crack climbs on limited supplies

SINGAPORE, Nov. 25 (Reuters) – Asian refining margins for 10 ppm diesel rose on Thursday, supported by lower inventories and firm demand.

Refining margins, also known as cracks, for 10 ppm gas oil climbed to $ 11.37 a barrel on Dubai crude during trading hours in Asia, from $ 11.04 in the previous session, showed Refinitiv data on Eikon.

The first-month crack hit a two-month low at $ 11 a barrel on Monday, data showed, fearing that rising coronavirus cases in Europe could dull a recovery in demand.

Register now for FREE and unlimited access to reuters.com

Register now

Oil prices, meanwhile, fell as investors waited to see how producers react to the emergency release of crude by major consuming countries to cool the market.

INVENTORIES

Singapore middle distillate inventories fell 8% to a more than three-year low of 8.45 million barrels in the week to Nov. 24, according to data from Enterprise Singapore.

Weekly stocks of middle distillate in Singapore have averaged 12.27 million barrels this year, up from an average of 13.9 million barrels in 2020, according to Reuters calculations.

Shares this week were 45% lower than a year earlier.

Inventories of U.S. distillates, which include diesel and fuel oil, fell 2.7 million barrels last week, market sources said Wednesday, citing figures from the American Petroleum Institute.

Middle East middle distillate inventories in the Fujairah oil industry zone fell for a second week, falling 21% to a seven-week low at 2.82 million barrels in the week ended on November 22, according to data from S&P Global Platts.

In the United States, distillate inventories fell 1.5 million barrels, according to market sources citing figures from the American Petroleum Institute on Tuesday, from a drop of 1 million barrels predicted in an extended Reuters poll. Read more

MONEY OFFERS IN SINGAPORE

One deal on diesel, none on jet fuel.

OTHER NEWS

– China, the world’s largest importer of crude, has not pledged whether it will release oil from its reserves as requested by Washington, while OPEC sources have said that the US action does not did not change course the group of producers. Read more

– Global oil major Royal Dutch Shell (RDSa.L) could build a biofuels plant in Singapore to meet the region’s growing demand for sustainable aviation fuels (SAF), its downstream business chief said on Wednesday . Read more

ASSESSMENTS

Register now for FREE and unlimited access to reuters.com

Register now

Reporting by Roslan Khasawneh Editing by David Goodman

Our Standards: The Thomson Reuters Trust Principles.

Source link

About Catherine Sturm

Avatar

Check Also

Soni Fonua Provides Energy and Tasty Meals to LSU Defense | LSU

When main defensive end Soni Fonua learned he would start against Alabama, he texted his …