The fact that gasoil inventories rose again to 2.18 Mil MT in ARA not helping the bearish mood. In Asia distillate markets were quiet ahead of China 5 day holidays starting May1 while rising stockpiles of fuel in China keeps traders cautious in the even of furhter exports from Chinese refiners. Overall crack margin in Asia remain low at $14/brl. . In Biodiesel we are still trading at significant premiums to BOGO of nearly $161/mt with spot fame trading at +370. RME/F0 has moved much with spread a little wider this week to nearly $30/mt. Harvesting continues in Argentina and crops seems to be holding at 51 mil MT keeping pressure on Soybeans and Soyoil whose premiums FOB paranagua for Jun are unchanged at -550.
Comments