China's suspension this month of exports of oil products to regions beyond Hong Kong and Macau could tighten supplies to some of its biggest buyers including Singapore, Malaysia and Australia.
Expectations for reduced fuel shipments from the world's largest refining hub drove Asian refiners' margins for gasoline to a record of more than $50 a barrel over Brent crude on Thursday, while widening monthly spreads for gasoil and jet fuel into steeper backwardation, a market structure when prices for short-term delivery are higher than those in future months.
