1. Refining margins increased for all products except fuel oil. The premium of 10ppm sulphur gasoil to 500ppm gasoil rose from a four-month low on strengthening arbitrage economics (see graph). The economics of shipping ultra-low sulphur diesel to Europe remained unattractive but the slight strengthening should help reduce a recent influx of Indian and Mideast Gulf cargoes that were forced to seek outlets in Singapore instead of Europe.
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