Ample stocks pressure distillates

摘要

Gasoline and naphtha extended gains relative to crude on regional supply tightness and strong demand.Middle distillate prices came under pressure from oversupply,while fuel oil prices eased slightly on ample stocks.Lower regional demand pushed gasoil's premium to Dubai to its lowest in almost three years(see graph).High stocks and weak demand prompted top regional importer Indonesia to turn exporter for the first time,with up to 1.6mn bl of low-sulphur gasoil slated for export in February.Slack demand in the Mideast Gulf pressured 0.5pc sulphur gasoil cargo differentials to discounts to spot assessments,compared with premiums of nearly 1/bl a month earlier.