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Asia Distillates-Gasoil, jet fuel cracks soar to record highs

reuters.com · 04/29/2022 02:31
Asia Distillates-Gasoil, jet fuel cracks soar to record highs

- Asian refining margins for 10 ppm gasoil rose to a fresh all-time high on Friday, posting a weekly gain of 24.2%, while cash differentials for the industrial fuel grade dipped on weaker buying interests in the physical trade window.

Asian oil refiners are reaping their highest profits ever this week, spurred by higher fuel demand during peak holiday seasons as more economies recover from the COVID-19 pandemic while the region ramps up exports to Europe to replace a Russia shortfall. nL2N2WR004

Refining margins, or cracks, for 10 ppm gasoil GO10SGCKMc1 jumped for a fifth straight session on Friday to $48.96 a barrel over Dubai crude during Asian trading hours, the strongest level on record, according to Refinitiv Eikon data that goes back to 2014. The cracks were at $47.53 a barrel on Thursday.

Meanwhile, jet fuel refining margins JETSGCKMc1 also surged to a new all-time high of $38.96 per barrel over Dubai crude on Friday, up from $37.38 per barrel a day earlier.

Cracks for the aviation fuel in Singapore have gained over 30% this week, Refinitiv Eikon data showed.

Cash premiums for jet fuel JET-SIN-DIF inched up by a cent to $1.38 a barrel to Singapore quotes on Friday, while cash differentials for gasoil with 10 ppm sulphur content GO10-SIN-DIF were at a premium of $7.61 a barrel to Singapore quotes.


ARA INVENTORIES

- Gasoil stocks, held independently in the Amsterdam-Rotterdam-Antwerp refining and storage hub STK-GO-ARA, rose 3.2% to 1.5 million tonnes in the week ended April 28, according to Dutch consultancy Insights Global. ARA/

- Gasoil stocks were stabilising, despite exports across the Atlantic and to South Africa, given strong imports from Europe, according to Insights Global's Lars van Wageningen.

- ARA jet fuel inventories STK-JET-ARA fell 5.2% this week to 850,000 tonnes.


SINGAPORE CASH DEALS O/AS

- No gasoil deals, no jet fuel trades


OTHER NEWS

- Oil prices were mixed on Friday as China's COVID-19 lockdowns weighed on the outlook for crude demand, although supply disruption fears as Western sanctions curb crude and products exports from Russia underpinned prices. O/R

- India has asked state-run energy companies to evaluate the possibility of buying European oil major BP's BP stake in sanctions-hit Russian firm Rosneft, two people familiar with the matter said. nL2N2WR009

ASSESSMENTS

MID-DISTILLATES






CASH ($/T)

ASIA CLOSE

Change

% Change

Prev Close

RIC

Spot Gas Oil 0.5%

148.34

4.56

3.17

143.78

GO-SIN

GO 0.5 Diff

-3.45

0.25

-6.76

-3.7

GO-SIN-DIF

Spot Gas Oil 0.25%

148.64

4.54

3.15

144.1

GO25-SIN

GO 0.25 Diff

-3.15

0.23

-6.80

-3.38

GO25-SIN-DIF

Spot Gas Oil 0.05%

150.56

4.27

2.92

146.29

GO005-SIN

GO 0.05 Diff

-1.24

-0.05

4.20

-1.19

GO005-SIN-DIF

Spot Gas Oil 0.001%

159.4

4.25

2.74

155.15

GO10-SIN

GO 0.001 Diff

7.61

-0.06

-0.78

7.67

GO10-SIN-DIF

Spot Jet/Kero

143.98

4.59

3.29

139.39

JET-SIN

Jet/Kero Diff

1.38

0.01

0.73

1.37

JET-SIN-DIF







For a list of derivatives prices, including margins, please double click the RICs below.



Brent M1

BRENTSGMc1





Gasoil M1

GOSGSWMc1





Gasoil M1/M2

GOSGSPDMc1





Gasoil M2

GOSGSWMc2





Regrade M1

JETREGSGMc1





Regrade M2

JETREGSGMc2





Jet M1

JETSGSWMc1





Jet M1/M2

JETSGSPDMc1





Jet M2

JETSGSWMc2





Gasoil 500ppm-Dubai Cracks M1

GOSGCKMc1





Gasoil 500ppm-Dubai Cracks M2

GOSGCKMc2





Jet Cracks M1

JETSGCKMc1





Jet Cracks M2

JETSGCKMc2





East-West M1

LGOAEFSMc1





East-West M2

LGOAEFSMc2





LGO M1

LGOAMc1





LGO M1/M2

LGOASPDMc1





LGO M2

LGOAMc2





Crack LGO-Brent M1

LGOACKMc1





Crack LGO-Brent M2

LGOACKMc2






(Reporting by Koustav Samanta; Editing by Sherry Jacob-Phillips)

((koustav.samanta@thomsonreuters.com (+65 6870 3503))