VLSFO saw the smallest price decline over the week ending Sept.11 while its high-sulfur siblings saw the deepest dives.Reuters data indicate the crack to Dubai for 10-ppm-sulfur gasoil edged up by 25￠/bbl to end at $3.71/bbl on Sept.11,but the margin hit an 18-week low of $2.57/bbl on Wednesday.Cash differentials on the product slipped by 4￠/bbl to end at a 70￠/bbl discount.The differential also closed at a 70￠/bbl discount on Wednesday,which marked the lowest differential since May 22.The outright price declined by $4.01/bbl over the week to end at $42.23/bbl.Reuters data showed the 10-ppm-sulfur-gasoil exchange of futures for swaps(EFS)ended Friday at minus-$2.63/bbl-down on the week by $2.60/bbl but well-above the minus-$15-18/mt or lower that traders deem necessary for a workable arbitrage to Europe.Data from Enterprise Singapore showed middle distillate inventories in Singapore fell to a two-week low and that average inventories for the 52 weeks through Sept.9 were higher by 78K bbl on the week and by 1.788MM bbl on the year.
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