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Weekend car travel boosting gasoline demand in U S , China and Britain
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Weekend driving in U S , China pave way for gasoline market recovery
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Weekend driving in U S , China pave way for gasoline market recovery
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Singapore The Asian middle distillates complex started the week of April 26-30 on likelihood of firmer market sentiment. Gasoil demand is expected to be supported by cautious optimism as Europe reopens, while the jet fuel/kerosene sector gathers pace on firmer market fundamentals in the region.
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JET FUEL/KEROSENE The front-month May-June jet fuel/kerosene timespread was relatively steady and pegged at minus 10 cents/b at 0200 GMT April 26, widening 1 cent/b from minus 9 cents/b at the 0830 GMT Asian close on April 23, Platts data showed. The FOB Singapore jet fuel/kerosene cash differential extended further gains and rose to an 11-week high of minus 3 cents/b to Mean of Platts Singapore jet fuel/kerosene assessments on April 23, marking a 63-cent/b jump since the beginning of April. The cash differential was last seen higher on Feb. 10 at MOPS minus 1 cent/b, Platts data showed. According to industry sources, the jump in jet fuel prices was attribu
REFINERY NEWS ROUNDUP: China crude throughput jumps in Q1, slows in April
Chinese refiners’ crude throughput in the first quarter posted the strongest year-on-year growth since 2010, rising 17.8% to 14.17 million b/d as the country’s GDP grew 18.3% on the year from a low base given the COVID-19 outbreak during the same period of last year, data released April 16 by the National Bureau of Statistics showed.
On top of the strong GDP growth, the year-on-year increase was also due to the expansion in refining capacity since Q2 last year, including the startup of Sinopec’s 200,000 b/d Zhanjiang Petrochemical and the trial run of Zhejiang Petroleum & Chemical’s phase 2 project involving its 200,000 b/d CDU.