South Korea's SK Energy offers more October gasoil
(Reuters) - South Korea's SK Energy, owned by SK Innovation, is offering more October-loading 10ppm sulfur gasoil for sale, after selling around nine cargoes in the past few weeks, three industry sources familiar with the matter said on Monday.
The refiner is looking to sell one 300,000-barrel 10ppm sulfur gasoil cargo loading Oct. 30 to Nov. 2, the sources said.
One 500ppm sulfur gasoil cargo is also available via this sale tender, for loading on Oct. 25-27, they added.
The tender for these cargoes close on Sept. 25 with same-day validity.
SK Energy previously sold around nine 10ppm sulfur gasoil cargoes in the past two weeks between premiums of $1.70 a barrel and a discount of 60 cents a barrel to free-on-board Singapore prices.
The refiner could be trying to capitalize on lucrative margins now, given the backwardated market structure where October prices are trading at least $3 a barrel higher than November prices, one of the three sources said.
SK Energy typically does not comment on commercial matters.
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