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Asia Distillates-Gasoil refining margins post weekly gain

reuters.com · 06/10/2022 07:34
Asia Distillates-Gasoil refining margins post weekly gain

- Asian refining margins for 10 ppm gasoil rose on Friday to log weekly gains, the smallest though in three weeks, amid expectations for increasing supplies.

Refining margins, or cracks, for 10 ppm gasoil GO10SGCKMc1 climbed to $55.90 per barrel over Dubai crude during Asian trading hours, up from $51.76 per barrel a day earlier. The cracks have gained 5.4% this week, Refinitiv Eikon data showed.

The gasoil refining profits, which hit an all-time high of $56.75 earlier this week, would likely start cooling off further as regional refiners ramp up output and the upcoming monsoon season dents demand in key markets such as India, traders and analysts said. nL4N2XU0WB

Cash premiums for gasoil with 10 ppm sulphur content GO10-SIN-DIF climbed to $5.81 a barrel to Singapore quotes, while cash differentials for jet fuel JET-SIN-DIF were at a premium of $3.27 a barrel.

The jet fuel refining margins JETSGCKMc1 rose to $49.19 per barrel over Dubai crude on Friday, compared with $45.33 a barrel on Thursday. The jet cracks hit $50.75 per barrel on Tuesday, the highest on record according to Refinitiv data that goes back to 2009.

The jet cracks have enough legroom for more gains in the coming weeks, as relaxed border curbs boost summer travel demand, market watchers said, while global airline capacity tops 100 million seats for the first time since early 2020. nL1N2XW0DB


ARA INVENTORIES

- Gasoil stocks held independently in the Amsterdam-Rotterdam-Antwerp refining and storage hub STK-GO-ARA dropped 2.5% to 1.5 million tonnes in the week ended June 9, according to Dutch consultancy Insights Global. ARA/

- ARA jet fuel inventories STK-JET-ARA rose to 810,000 tonnes this week, compared with 802,000 tonnes a week earlier.


SINGAPORE CASH DEALS O/AS

- One gasoil deal, no jet fuel trades


OTHER NEWS

- An oversupply of naphtha at a time of poor demand has squeezed the product's Asian margins to their weakest levels since the 2008 global financial crisis, traders and analysts said. nL4N2XW1RE


ASSESSMENTS

MID-DISTILLATES






CASH ($/T)

ASIA CLOSE

Change

% Change

Prev Close

RIC

Spot Gas Oil 0.5%

171.49

4.55

2.73

166.94

GO-SIN

GO 0.5 Diff

-2.4

0.2

-7.69

-2.6

GO-SIN-DIF

Spot Gas Oil 0.25%

171.8

4.55

2.72

167.25

GO25-SIN

GO 0.25 Diff

-2.09

0.2

-8.73

-2.29

GO25-SIN-DIF

Spot Gas Oil 0.05%

172.4

4.6

2.74

167.8

GO005-SIN

GO 0.05 Diff

-1.49

0.25

-14.37

-1.74

GO005-SIN-DIF

Spot Gas Oil 0.001%

179.71

5.08

2.91

174.63

GO10-SIN

GO 0.001 Diff

5.81

0.72

14.15

5.09

GO10-SIN-DIF

Spot Jet/Kero

169.61

3.87

2.33

165.74

JET-SIN

Jet/Kero Diff

3.27

-0.42

-11.38

3.69

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))