Gasoil cracks dip to two-week low as virus resurgence hits demand

Gasoil demand would come under pressure as industrial activity takes a hit with a second wave of Covid-19 infections in many places, a Singapore-based trader said.

SINGAPORE: Asian refining margins for 10 ppm gasoil slipped to a two-week low on Wednesday, weighed down by concerns over subdued demand in the wake of renewed coronavirus lockdowns, while the region remains awash with supplies.

Refining margins, also known as cracks, for gasoil with 10-ppm sulphur content dropped 35 cents to US$6.24 a barrel over Dubai crude during Asian trading hours, the lowest since the end of June.