India’s Mangalore Refinery and Petrochemicals Ltd (MRPL) is offering 40,000 tonnes of 0.5 percent sulphur gas oil and 36,000 tonnes of jet fuel for end-March lifting, tender documents showed on Monday.

The diesel cargo, loading on March 18-20 from New Mangalore on the west
coast of India, on a free-on-board (FOB) basis, is MRPL’s second for
the month, after it sold a parcel for March 8-10 lifting.

The jet fuel parcel, loading on March 24-26, is its third for the
month, after it sold jet fuel cargoes for March 3-5 and March 1-3
lifting.

It was not immediately known who bought the cargo or the transacted price.

The tender closes on Wednesday, with bids remaining valid until Thursday.

Gas oil cracks have stayed above $8.00 a barrel for the last four
sessions, buoyed by refinery maintenance in Europe and higher winter
heating fuel demand in the United States.

Supplies in Europe have tightened slightly, due to refinery maintenance
in Britain and Germany that starts from the end of the first quarter,
with firms picking up spot cargoes to plug potential output gaps.

A powerful storm slammed the U.S. mid-Atlantic on Friday, threatening
record snowfalls and unseasonably cold temperatures in a region heavily
dependent on home heating oil and natural gas supplies. However, global
supplies remain heavy overall.

Trade and shipping sources have pegged distillate volumes stored on
floating vessels at between 70 million and 90 million barrels as at
January.

Asian stockpiles remain abundant. Singapore onshore distillate stocks
rose to a two-week high of 14.634 million barrels. Inventories have
consistently stayed above the 13,000 barrel-mark for more than six
months.

Source: Reuters

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