Asian spot prices rise on late-week rally

摘要

Spot product prices climbed across the board in the week to April 12,after bullishness emerged during the second half of the period,erasing early-week declines.Gasoil and jet fuel prices edged up.Gasoil differentials came under pressure from lackluster buying interest for spot barrels,but sentiment strengthened as some more demand emerged and traders said they expected fundamentals to improve in the coming weeks.Refining margins were on the rise late in the period,hitting a one-month high on Friday.“Regional demand for gasoil is doing pretty okay at the moment...For the gasoil cash differentials,I think the bottom is done for now,” a trader noted.Also,the contango market structure was seen narrowing,indicating that it could flip into backwardation if fundamentals improve.On Thursday,data showed that Singaporean middle distillate stocks rebounded on the week to a two-week high.Jet fuel margins rose and cash discounts narrowed on an increase in prompt jet fuel buying and a late-week dip in crude costs.