Indian buying supports gasoil

摘要

Regional gasoil demand was fairly strong, boosting values, while high naphtha supply offset a slowdown in the number of arbitrage cargoes arriving from Europe. Gasoline supplies were plentiful, amid high Chinese exports.Robust gasoil imports by India helped offset poor arbitrage prospects to Europe. And a natural gas shortage in the UAE spurred demand for gasoil as a substitute fuel to generate power. Singapore's onshore inventories of middle distillates fell to 10.87mn bl, their lowest in over a year (see graph).