Asia’s diesel markets softened, with the backwardation structure easing slightly as well, though spot activity on the trading window still increased pace and cash premiums rebounded.
The east-west price spreads widened back to discounts of $55 per metric ton, with markets still expecting swing suppliers to pivot their cargoes west.
At the market’s close, refining margins gained slightly to $27.8 a barrel.
Deals on the window resurfaced for the first time since November 11.
The 10ppm sulphur gasoil cash differentials rebounded to nearly $2.85 a barrel, reflecting firmer discussion levels.
Jet fuel markets remained robust, with cash premiums at three-year highs and paper markets extending gains from last Friday — with draws from the West buoying overall trading sentiment.
Regrade stayed supported at premiums of 20-30 cents per barrel.
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