Spot product prices at Fujairah rise despite slow demand recovery

摘要

Data from S&P Global Platts indicated the price for unleaded,95-octane gasoline jumped by $10.51/bbl over the week ending May 5-the first weekly rise in four weeks-to hit a seven-week high of $24.66/bbl FOB Fujairah.Analysts said the East-of-Suez gasoline market continued to face pressure from persistently high exports from India.Prices for kerosene and 10-ppm-sulfur gasoil broke a ten-week losing streak,with the former moving up by $4.97/bbl over the week to May 5 to reach $14.44/bbl FOB Fujairah,and the latter gaining $8.02/bbl to reach $24.08/bbl FOB Fujairah.Platts analysts said the gasoil supply/demand imbalance was beginning to tighten thanks to some spot demand from Southeast Asia.On May 5,Brent-Forties-Oseberg (BFO)on an FOB-Europe basis was assessed at $25.46/bbl,placing the crack for gasoline at negative-80￠/bbl,compared to the previous week's negative-$1.45/bbl.Kerosene's crack to the crude sank to negative-$11.02/bbl on May 5 from negative-$6.13/bbl on April 28,while gasoil's crack drifted from positive-46￠/bbl to negative-$1.38/bbl over the same timeframe.