SINGAPORE: Asia’s jet fuel outright price edged up to nearly $82 a barrel on Tuesday, the highest since early December 2014 and mirroring gains in Dubai crude, which was also at its highest in over three years.
– Demand for jet fuel was expected to pick up due to the upcoming Lunar New Year, a trade source said.
– But gasoil fundamentals could stay weak due to higher supplies from China, the source added.
– China’s net diesel exports this year could rise 47 percent to 23.8 million tonnes as a result of a swelling surplus in refining capacity and fuel production, a forecast from China National Petroleum Corp (CNPC) showed on Tuesday.
– China has been growing its diesel exports on the back of expanding refining capacities.
– Between January and November 2017, it had exported 15.25 million tonnes of diesel, up 12 percent from the same period a year ago.
TENDERS: Taiwan’s CPC has offered 320,000 barrels of gasoil with 50ppm sulphur content for Feb. 5-28 loading from Kaohsiung through a tender closing on Jan. 17, with bids to stay valid until Jan. 19.
– India’s Mangalore Refining and Petrochemicals Ltd (MRPL) offered 40,000 tonnes of jet fuel for Feb. 6-8 loading from New Mangalore through a tender closing on Jan. 19.
– Kenya was planning on buying more than 485,000 tonnes of refined oil products for March delivery, comprising mainly middle distillates.
But it has not officially issued a purchase tender.
Source: Brecorder.com
