UPDATE 1-Asia's 10 ppm sulphur gasoil spot premiums fall to 17-month low -Refinitiv data

(Adds detail) SINGAPORE, April 11 (Reuters) - Spot premiums for 10 ppm sulphur gasoil cargoes in Asia have hit their lowest level since December 2021, data from Refinitiv Eikon showed on Tuesday, after sellers continuously lowered their offers in the market. Cash premiums fell for a third straight session and were at 34 cents a barrel at Asia's market close, down by almost 30 cents day on day, the data showed. The market sell-off comes after continuously bearish trading sentiment against a backdrop of ample supply in Asia and a closed arbitrage window for Asian export cargoes to the West, three sources said.

At least two refiners offered May cargoes this week, with more volumes expected to be available in the market in coming days.

Furthermore, French strikes are gradually winding down for now which means that production volumes will likely go back up in northwest Europe adding on to supply, limiting arbitrage possibilities, one of the sources said.

The exchange of futures for swaps (EFS), the spread between Asia's 10 ppm sulphur gasoil paper swaps and ICE gasoil futures contracts, hovered at between minus $33 a barrel and minus $37 a barrel for forward and prompt loading, Refinitiv Eikon data showed, reflecting a closed arbitrage window for Asian suppliers to northwest Europe.
(Reporting by Trixie Yap; Editing by Kirsten Donovan)

Reuters

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