SINGAPORE, Nov 23 (Reuters) - Asia's cash premiums for benchmark 10 ppm gasoil and jet fuel cargoes edged higher on Tuesday on continued signs of improving demand and tight regional inventories.
Cash premiums for jet fuel climbed to a one-week high of 19 cents a barrel to Singapore quotes, up 7 cents from the previous session.
Similarly, the 10 ppm gasoil cash premium rose to 46 cents a barrel on Tuesday, up 2 cents from Monday's five-week low.
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"The global diesel market is headed for several weeks of volatility as it seeks direction ahead of peak heating demand in Q1 2022," Energy Aspects said in a note to clients on Monday.
A mild start to winter and rising COVID-19 cases in Europe pose downside risks to demand, but a cold snap could boost Atlantic basin import requirements by between 1.6 million tonnes and 1.8 million tonnes, the energy consultancy said.
"Despite rising runs east of Suez, Indian barrels are swinging east on growing regional demand and muted Chinese exports, potentially slowing westbound flows into year-end," it said.
SINGAPORE CASH DEALS
One jet fuel trade, no gasoil deals
OTHER NEWS
- Royal Dutch Shell (RDSa.L) has halved its crude processing capacity at its Singapore hub and reduced fuel exports, executives said on Tuesday, as the company transitions from fossil fuels to cut emissions and meet global low-carbon energy needs. read more
- The United Arab Emirates has started building "the first green hydrogen plant in the Middle East" and testing is currently under way, Energy Minister Suhail Al-Mazrouei said on Tuesday. read more
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Reporting by Koustav Samanta Editing by David Goodman
Our Standards: The Thomson Reuters Trust Principles.
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November 23, 2021 at 07:00PM
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Asia Distillates Gasoil and jet fuel cash premiums nudge higher - Reuters
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