European refinery margins edged upwards over the last week on a jump in distillate prices to fresh record highs, while Asian margins climbed following an increase in fuel oil prices to new all-time peaks.

According to Reuters data, a complex refinery in the Rotterdam area processing Brent crude saw its margins rise to $10.98 a barrel in the week to April 14, up from $10.17 in the previous week. This is well above the average of $5.14 over the last year.
Gas oil futures, the benchmark for European diesel, heating oil and jet contracts, hit a record high of $1,079.25 a tonne last week, following a steep draw in distillate stocks in the United States.
The gains in the gas oil market outpaced crude. Gas oil’s  premium to crude hit a record high of $30.58 last week, although it eased to $27.56.
Another factor supporting distillate markets in Europe and the United States last week was a fire at the Porvoo refinery in Finland, a key supplier of high-spec products.
Asian refinery margins rallied as fuel oil, the region’s main product, hit fresh record highs last week on the back of strong demand from China.
A complex refinery in Singapore cracking Dubai crude saw its margins jump over $4 to $12.16 last week from $8.07 in the previous week. 
In the United States, refinery margins were a touch softer as a dip in the gasoline crack over the week outweighed higher heating oil margins.
Gasoline cracks eased to $7.27 from over $9 a week ago. Heating oil margins rose to $23 on Monday, up $3 over the last week.
A US Gulf Coast refinery cracking Brent crude saw its margin slip to $10.01 last week from $10.09 in the previous week.