Asia Distillates-Gasoil cracks jump to 2-week high, cash premiums rise

Top palm oil producers Indonesia and Malaysia remain committed to their mandatory biodiesel programmes, despite higher prices of the feedstock, to meet green energy goals, senior officials said on Thursday. They use palm oil as blending for biodiesel.

SINGAPORE: Asian refining margins for 10 ppm gasoil rose to a two-week high on Thursday, while cash premiums for the industrial fuel grade climbed as the April/May time spread widened its backwardated structure.

Refining margins, or cracks, for 10 ppm gasoil rose to $34.49 a barrel over Dubai crude during Asian trading hours, the strongest since March 10. The cracks were at $32.11 per barrel a day earlier.