It paid a premium of about $4 a tonne to Japan quotes on a cost-and-freight (C&F) basis, industry sources said. This was double the $2 a tonne premium YNCC had paid on Jan. 24 for cargoes scheduled for first-half March arrival at Yeosu. Gasoline crack was also firmer, with the discount narrowing to 10 cents a barrel versus 35 cents in the previous session.
This was also the highest gasoline crack value in over a week. Gasoline stocks in Japan rose 200,000 barrels to 10.93 million barrels in the week to Feb. 16, official data showed. Light distillates stocks in Fujairah was at a three-week high of about 11.4 million barrels in the week to Feb. 18, data from Fujairah Oil Industry Zone published on Wednesday via industry information service S&P Global Platts showed.
A fire hit a crude oil pumping station in Venezuela's Orinoco belt region on Tuesday, state-owned oil company Petroleos de Venezuela (PDVSA) said, disrupting crude transportation as the cash-strapped firm struggles with the impact of US sanctions.