Singapore — Uneven demand recovery in Africa has led to a divergence in support for Asian transportation fuel markets as gasoil and jet fuel requirements weaken while demand for gasoline remains robust, industry sources said Dec. 2.
The slowdown in Africa’s gasoil and jet fuel demand in particular has removed a significant pillar of support from Asian middle distillate markets after buoying them for most of the third quarter, the sources said.
“Some gasoil demand from East and South Africa was seen in September and that helped to draw surplus barrels from India… but for now, while they have some regular demand, there’s not much seen out of the ordinary in terms of demand from Africa,” a middle distillates trader with a Persian Gulf-based company said. Read more…..
Chart of the Day
Icarus TV
Fundstrat’s Tom Lee on whether it will be a December to remember for the markets. With CNBC’s Melissa Lee and the Fast Money traders, Guy Adami, Brian Kelly, Karen Finerman and James McDonald.
