OIL & GAS

Asia Distillates-Gasoil cash differentials drop to lowest since early June

Asia’s cash differentials for 10 ppm gasoil slipped to their lowest level in more than two months on Wednesday, weighed down by abundant supplies and subdued demand, while the prompt-month spread for the industrial fuel remained in a contango structure. Cash differentials for 10 ppm gasoil were at a discount of 21 cents a barrel to Singapore quotes on Wednesday, a level not seen since June 1. They were at a 9-cent discount a day earlier. The August/September time spread for the benchmark gasoil grade in Singapore traded at a discount of 18 cents per barrel on Wednesday, Refinitiv Eikon data showed.

Renewed lockdown measures due to a resurgence in coronavirus infections in many places are hurting fuel demand recovery, trade sources said. India’s fuel demand dragged lower in July

Source
ET Energy World
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