Singapore Gas Oil Trades Higher, Jet Fuel Slips

They said a European major sold 150,000 barrels of gas oil to a Singapore trader at $29.80 a barrel for October 23-27 lifting f.o.b. Singapore. This was 10 cents over the last cargo sold by the same major last week, which was a five-year high.

Traders said while front month physical jet fuel was offered below gas oil at $29.50, the first time the regrade has gone into a discount ahead of winter, forward jet prices continued to be offered higher at $30.75 for early November lifting.

They noted that jet fuel will remain under pressure as there were no signs of an early winter in northeast Asia which would push up prices, unlike the earlier-than-expected cold weather in the West.

 

Taiwan