1. The Asian products market continued its bull run in March with strong demand for gas and fuel oil. Higher gas oil imports into China were due to anticipated rising summer demand and planned refinery maintenance in April. Adding to tight supply levels was South Korean refiner S-OIL's declaration of force majeure on 150,000 tonnes of gas oil exports. 2. Asian demand for jet fuel also firmed in March as Chinese refineries maximized gas oil production. Supply was further weakened as South Korean and Japanese refiners underwent maintenance. 3. South American demand for diesel firmed in March after Bolivia limited its gas supply to power stations, leading to an increase in the use of small scale power generators, particularly in Chile and Argentina. This resulted in cargoes being shipped from the US and Europe to South America to meet this need.
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