Asia distillates: Diesel little changed while jet fuel softens
USO•Asia’s diesel benchmarks were broadly unchanged on Monday, with the gasoil cash differential near $3 a barrel and the refining margin above $71. Jet fuel softened, and its regrade discount widened to about $3.40 a barrel.
1. Diesel benchmarks steady
Asia’s diesel benchmarks were broadly unchanged amid a lack of fresh drivers after the previous week’s talks about a U.S. diesel export ban. The gasoil cash differential remained near $3 a barrel, close to a two-week low, while the refining margin rose above $71 a barrel at the Asia close.
2. Jet fuel weakens
Jet fuel softened day on day, with prompt intermonth spreads moving into a narrower backwardation. The regrade discount widened to about $3.40 a barrel. The market was watching for the next batch of China export quotas.
