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Asian refining margins climbed last week

Update Time: 2021-09-29

Asian refining margins for 10 ppm gasoil climbed for a fourth consecutive session on Friday, posting a second straight weekly gain, riding on tighter supplies amid lower Asian exports in the spot market and steady arbitrage shipments to the West, said Hydrocarbonprocessing.

Refining margins or cracks for 10 ppm gasoil jumped to USD11.24 per barrel over Dubai crude during Asian trading hours, a fresh high since March-end last year. They were at $10.85 per barrel a day earlier. Cracks for the benchmark gasoil grade in Singapore have risen 7% this week, Refinitiv Eikon data showed. Cash premiums for gasoil with 10 ppm sulphur content dipped 3 cents to 45 cents per barrel to Singapore quotes on Friday, while cash differentials for jet fuel were at a premium of 11 cents per barrel to Singapore quotes, up from 4 cents per barrel on Thursday. Jet fuel cracks surged to USD9.16 per barrel over Dubai crude during Asian trading hours, the strongest since March 2020. The cracks were at USD8.57 per barrel in the previous session.

Gasoil stocks held independently in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub dropped 5.7% to about 2 million tonnes in the week ended Sept. 23, according to Dutch consultancy Insights Global. - ARA jet fuel inventories fell 14.7% this week to 879,000 tonnes.

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