Asia Distillates Gasoil cash premiums slightly lower, lingering near multi-year highs

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NEW DELHI, Feb 8 (Reuters) – Asia’s cash premiums for diesel fell slightly on Tuesday, remaining near multi-year highs as demand for road and industrial fuel remains high.

Cash premiums for 10 ppm sulfur diesel fell slightly to $1.93 a barrel against Singapore quotes from $2.05 in the previous session.

Meanwhile, diesel refining margins in India are expected to remain healthy in the near term as India’s economy continues to recover, although spreads may tighten somewhat as peak winter heating demand declines, according to rating agency Fitch Ratings.

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Cash premiums for jets fell to $1.40 a barrel against Singapore quotes from $1.94 a barrel in the previous session.

CASH TRANSACTIONS IN SINGAPORE O/AS

– A jet fuel business, two diesel contracts.

NEWS

– Japan’s No. 2 oil refiner, Idemitsu Kosan, is not currently planning to grant further financial aid to Vietnam’s Nghi Son Refinery and Petrochemicals (NSRP), which has cut production to 80% of its capacity due to a funding issue, a mentioned official said.

EVALUATIONS

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Reporting by Mohi Narayan; Editing by Vinay Dwivedi

Our standards: The Thomson Reuters Trust Principles.

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