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Asia Distillates-Gasoil cash premiums rise after Singapore middle-distillate stocks drop

reuters.com · 06/09/2022 06:56
Asia Distillates-Gasoil cash premiums rise after Singapore middle-distillate stocks drop

- Asia's cash premiums for 10 ppm gasoil rose on Thursday, supported by firmer buying interest in the physical market, while middle-distillate inventories in Singapore dropped to a five-week low.

Cash premiums for gasoil with 10 ppm sulphur content GO10-SIN-DIF climbed to $5.09 a barrel to Singapore quotes, up from $4.94 per barrel a day earlier.

Refining margins, or cracks, for 10 ppm gasoil GO10SGCKMc1 slipped to $51.76 per barrel over Dubai crude during Asian trading hours on Thursday, compared with Wednesday's $52.83 per barrel and drifting lower from a record high of $56.75 touched earlier this week. nL1N2XU2OX

The June/July time-spread for the benchmark gasoil grade in Singapore GO10SGSPDMc0 widened its backwardation to trade at $5.97 per barrel on Thursday, as against $5.60 per barrel in the previous session.


JET FUEL

- Asian jet fuel refining profits, already at all-time highs, have enough legroom for more gains in the coming weeks, as relaxed border curbs boost summer travel demand and global airline capacity tops 100 million seats for the first time since early 2020. nL1N2XW0DB

- Despite rising fares and fuel surcharges, the number of scheduled airline seats has steadily risen for the past three months, industry data showed.

- Global flight schedules will reach 100.6 million seats next week and would climb to 108.5 million seats by mid-August, OAG data showed, although the recovery remains uneven.


INVENTORIES

- Singapore's middle-distillate inventories slipped 2.8% to 6.8 million barrels in the week to June 8, according to Enterprise Singapore data. This week's onshore stocks were about 40% lower compared with the corresponding week a year earlier. O/SING1

- Weekly Singapore middle-distillate inventories have averaged about 7.5 million barrels so far this year, compared with an average of 11.8 million barrels in 2021, Reuters calculations showed.

- U.S. distillate inventories, which include diesel and heating oil, rose by 2.6 million barrels in the week to June 3, versus expectations for a 1.1 million-barrel rise, the Energy Information Administration said on Wednesday. EIA/S


SINGAPORE CASH DEALS O/AS

- One gasoil deal, no jet fuel trades


OTHER NEWS

- China's crude oil imports rose nearly 12% in May from a low base a year earlier, although refiners were still battling high inventories with COVID-19 lockdowns and a slowing economy weighing on fuel demand last month. Refined oil product exports were at 3.27 million tonnes for May, down 40% from the previous year's 5.41 million tonnes. nL1N2XW0F8


ASSESSMENTS

MID-DISTILLATES






CASH ($/T)

ASIA CLOSE

Change

% Change

Prev Close

RIC

Spot Gas Oil 0.5%

166.94

1.65

1.00

165.29

GO-SIN

GO 0.5 Diff

-2.6

0.2

-7.14

-2.8

GO-SIN-DIF

Spot Gas Oil 0.25%

167.25

1.68

1.01

165.57

GO25-SIN

GO 0.25 Diff

-2.29

0.23

-9.13

-2.52

GO25-SIN-DIF

Spot Gas Oil 0.05%

167.8

1.68

1.01

166.12

GO005-SIN

GO 0.05 Diff

-1.74

0.23

-11.68

-1.97

GO005-SIN-DIF

Spot Gas Oil 0.001%

174.63

1.6

0.92

173.03

GO10-SIN

GO 0.001 Diff

5.09

0.15

3.04

4.94

GO10-SIN-DIF

Spot Jet/Kero

165.74

1.34

0.82

164.4

JET-SIN

Jet/Kero Diff

3.69

-0.26

-6.58

3.95

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 Vinay Dwivedi)

((koustav.samanta@thomsonreuters.com (+65 6870 3503)(Reuters Messaging: koustav.samanta.thomsonreuters.com@reuters.net))