Mideast Gulf buoys fuel oil

摘要

Product prices mostly rose on strong demand from the power sector. Demand for fuel oil for power generation is firm in the Mideast Gulf, while Japan is buying jet-kerosine ahead of the winter. Gasoline demand was strong, as refinery maintenance cut supply, but prices still fell. High-sulphur fuel oil's discount to crude benchmark Dubai narrowed, as firm demand from the Mideast Gulf power sector offset an increase in exports from the region. The delayed restart of a gasoline-producing unit at Saudi Aramco's 400,000 b/d Rabigh refinery resulted in the refiner producing and exporting more fuel oil.