Asia’s middle distillates markets saw more December discussions during the week, though cautiousness on demand remained prevalent and prices trended sideways, with offers for next year’s term cargoes also available.
For diesel, offers for December gradually emerged from the region’s several key refiners in line with earlier expectations, with spot discussions picking up slightly.
Uncertainty on demand, however, stayed a key driver, with only Vietnam’s Petrolimex seeking early December cargoes this week and Indonesia’s Pertamina still buying end-November.
The latter has so far bought around 1.7 million barrels for November delivery, one trade source said, adding there is no further clarity on their December requirements yet.
Supplies are likely to rise in December, after maintenance in South Korea end and some refiners consider ramping up production, so demand has to come up to soak up all the increments, a second source said.
Jet fuel markets were mostly on a decline through the week, as some China majors are likely to have sufficient export quotas for the refueling of flights on international routes in the next two months.
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