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

SINGAPORE, June 9 (Reuters) - 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))