Gasoil margins up further on steady oil, Europe support

Asia's 10 ppm sulphur gasoil margins firmed further on Tuesday, against a backdrop of limited oil price volatility and sentiment support from strong northwest Europe cracks the previous night.

Refining margins (GO10SGCKMc1) for 10 ppm sulphur gasoil were at $46.83 a barrel, compared with $45.06 a barrel in the previous trading session.

The cash differentials for 10 ppm sulphur gasoil (GO10-SIN-DIF) were up as well, rising to $5.15 a barrel from $4.83 a barrel day on day.

Jet fuel refining margins (JETSGCKMc1) were at $38.13 a barrel, also up from $36.91 a barrel a day earlier.

The prompt month regrade (JETREG10SGMc1) between jet fuel and 10 ppm gasoil was valued at minus $8.70 a barrel, down further from minus $8.50 a barrel.

INVENTORIES

- U.S. crude oil stockpiles were expected to have risen for a second consecutive week, while distillate and gasoline inventories were seen drawing down, a preliminary Reuters poll showed on Monday. Seven analysts polled by Reuters estimated on average that crude inventories rose by 1.6 million barrels in the week to Oct. 14.

SINGAPORE CASH DEALS

- No jet and gasoil deals.

NEWS

- Oil prices climbed on Tuesday, bolstered by a weaker U.S. dollar and supply woes, although gains were capped by the spectre of lower fuel demand from China as it persists with its stringent zero-COVID policy.

TENDERS

- South Korea's SK Energy issued and closed a tender for two cargoes of 10 ppm sulphur gasoil on Oct. 17, several sources with knowledge of the matter said on Tuesday.

PRICES