Asian spot product prices continue to recover,but some margins hit new lows

摘要

Spot prices for all of the petroleum products covered here rose in Singapore during the shortened week ending May 8,with naphtha posting the sharpest recovery and ULSD seeing the smallest uptick.(Prices were largely unavailable on Thursday due a holiday.)Mercuria Energy Group said early indications of the oil market rebalancing are beginning to be seen and shifting timespreads could start to discourage floating storage even as tanker rates decline.Poten & Partners noted that booking a VLCC from the Arabian Gulf to China cost less than $110K/d on Monday-a low not seen since March 10.