Spot product prices rose in the week to April 26,pulled up by stronger futures benchmarks and falling inventory levels.Gasoil and jet fuel prices inched up but margins skidded from session to session,hitting their lowest levels in about a year and a half,as crude costs climbed and middle distillate inventories were deemed ample,despite a sharp drop in weekly inventories.Gasoil margins posted their biggest weekly drop so far in 2019.Singaporean stocks of middle distillates fell to a six-month low,and although levels remained higher than year-earlier stocks,traders noted that the steep decline in weekly stocks likely will lend support to the market in the short term.“Even though it's refinery turnaround season now,we're still seeing many cargoes in the market,” a trader said,adding that the turnaround season has not tightened the market as much as had been expected,especially as exports from China had already started climbing.China's diesel exports in March jumped to 2.71MM mt(20.4MM bbl),nearly double on the month and were 14.2 above the year-earlier level,while jet fuel exports rose to 1.74MM mt(13.6MM bbl),a 30 spike from the same month last year.Meanwhile,the gasoil arbitrage to Europe was largely unworkable,but shipments were booked for Latin America.
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