Asian spot prices climb on tightening inventories.

摘要

Spot product prices rose across the board in the week to July 21, up for the second week in a row, as the supply side shortened. Gasoil and jet fuel differentials found support on improving fundamentals, as demand was considered firm and inventories pulled back. Gasoil margins rose to their highest since Nov. 2016 by the end of the period, on the back of lower inventories in many regions around the world. Middle distillate stocks held in Singapore eased to a three-week low. Limiting the upside, however, were refineries seen coming back online in the coming weeks from maintenance programs, as well as expectations of additional diesel supplies entering the market from India and Europe, traders said. Jet fuel differentials snapped a six-day losing streak on Tuesday, rebounding from a near-two-month low at the start of the period. An uptick in buying helped put a floor under the market and helped drive up prompt prices, albeit only slighdy.