Asia traders mull over storing gasoil, petrol on tankers
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Singapore
OIL product traders in Asia are starting to consider storing gasoil and petrol on tankers amid oversupply, weak demand and low crude prices, a move that could mean betting prices for the fuels would recover in two to three months.
Cheap crude oil has been encouraging refineries to maximise throughput, and traders in Asia have also been faced with new competition as capacity added in the Middle East takes market share in their traditional outlets in Europe and Africa.
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