Market Eye: Fundamentals Slam Asian Gasoil

摘要

The Asia - Pacific gasoil market has slumped over the last six weeks, battered by rising supply from India, an anticipated increase in Chinese exports and falling demand, trading sources say. The Singapore spot - price differential for benchmark 500 parts - per - million (ppm) gasoil dropped to a premium of 45￠ per barrel to Singapore quotes on Wednesday, its lowest level in three months. Weak as the current market is, a trader believes it could fall further if Chinese gasoil exports start to increase in September. At the moment, bearish sentiment is "overwhelming," the trader says ( IOD Jun.28'13 ).