• Indian gasoil supply weighs

    High sulphur gasoil supply appeared from India, helping to offset spot demand from Indonesia for the fuel and keeping differentials for the fuel steady, traders said on Monday. Indonesia’s Wilmar Trading required a spot cargo for April but Indian Oil Corp offered term cargoes of the fuel, they added. Pakistan State Oil bought just one of four gasoil cargoes it was seeking for delivery in April, industry sources said. It bought 55,000 tonnes of 500ppm sulphur gasoil for delivery in April from Swiss Singapore at a premium of $1.88 cents a barrel to the Middle East quotes, they said. Inventory of the fuel is adequate and the company did not need as much volumes as it initially thought, one of the industry sources said.

    PSO is yet to award a 10,000-tonne jet fuel cargo it was seeking for delivery in April but will likely buy the cargo from Renish Petroleum, the source added. Sri Lanka’s Ceylon Petroleum Corp has cancelled a tender seeking 160,000 barrels of jet fuel and 150,000 barrels of gasoil for delivery over April 11 to 12. The reason was not immediately clear. Egyptian Petroleum Minister Tarek El Molla said on Sunday his country had received two cargoes of diesel fuel from Saudi Arabian state-owned oil company Aramco on Friday and Saturday. Saudi Arabia agreed in April last year to provide Egypt with 700,000 tonnes of refined oil products a month for five years, but the cargoes stopped arriving in early October. Dalvin Tomlinson Jersey

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