Spot product prices at Fujairah rise as Arab-Gulf gasoil differentials turn positive.

摘要

Data from S&P Global Platts indicated the price for unleaded, 95-octane gasoline gained $2.51/bbl over the week ending June 2 to hit $41.93/bbl FOB Fujairah. Kerosene edged higher by 75￠/bbl over the week to June 2 to reach $36.45/bbl FOB Fujairah, while 10-ppm-sulfur gasoil gained $1.59/bbl to hit $40.59/bbl FOB Fujairah. All three products were at 12-week highs. Platts analysts noted that positive sentiment for both gasoline and diesel was sparked by the loosening of movement restrictions related to COVID-19 in Singapore, Thailand, the Philippines, and Vietnam. Even though inventories of middle distillates at Fujairah were at a record high and stocks of light distillates were at an almost-one-year high, some traders were saying refinery run cuts and better demand had removed some of the supply overhang from the market. Another source, however, told Platts, "The real demand is not there as of yet". On June 2, Brent-Forties-Oseberg (BFO) on an FOB-Europe basis was assessed at $37.72/bbl, placing the crack for gasoline at $4.21/bbl, down from the previous week's $5.47/bbl. Kerosene's crack to the crude fell from $1.75/bbl on May 26 to negative-$1.27/bbl on June 2, while gasoil's crack shrank from $5.05/bbl to $2.87/bbl over the same timeframe.