Asian distillates-Cracks under pressure due to ample supplies
SINGAPORE, Nov 29 (Reuters) - Asian refining margins for 10ppm gasoil extended losses from the previous session to fall to a four-session low of under $14.50 a barrel on Friday, weighed down by abundant supplies.
Although gasoil stocks in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub declined by nearly 3% in the week to Thursday to reach an eight-and-a-half-month low of 2.34 million tonnes, the current levels were 15.1% higher than a year ago, data from Dutch consultancy Insights Global showed.
Similarly, although the middle distillates inventories were at a two-week low, the current stock levels were still marginally higher than a year ago, official data showed.
* TENDERS: Energy traders Unipec and Vitol are set to win a tender placed by Bangladesh Petroleum Corp (BPC) to buy up to 1.06 million tonnes of oil products in the first half of 2020 after placing the lowest offers, a BPC official said on Friday.
- The state-owned company is seeking 760,000-880,000 tonnes of gasoil with a sulphur content of 500 parts per million, 110,000 tonnes of jet fuel, 40,000 tonnes of 180-centistoke high-sulphur fuel oil and 30,000 tonnes of 95-octane gasoline.
* OTHER NEWS: Mexico's state-run oil company Pemex has been fighting for almost a year in court to suspend a rule issued by the previous government, requiring the nationwide sale of clean diesel to start this year, court documents seen by Reuters show.
- Mexico does not produce enough ultra-low sulfur diesel (ULSD) to satisfy the demand the new rule - which was issued by the nation's energy regulator in 2016 - would create.
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