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Asia Distillates-Gasoil cash premiums, refining margins rise as inventories shrink

Asia Distillates-Gasoil cash premiums, refining margins rise as inventories shrink

Reuters · 07/28/2022 06:48
Asia Distillates-Gasoil cash premiums, refining margins rise as inventories shrink

- Asia's refining profit margins and cash premiums for 10 ppm gasoil rose on Thursday after stocks in the Singapore hub and United States dropped.

Cash differentials for gasoil with 10 ppm sulphur content GO10-SIN-DIF were at a premium of $1.76 a barrel to Singapore quotes, down from $1.62 per barrel in the last session.

Refining margins for 10 ppm gasoil GO10SGCKMc1 jumped to $42.76 a barrel over Dubai crude in Asian trading hours, compared with $39.64 on Wednesday.

"Underlying fundamentals in the Asian diesel market remain sluggish, as growing recession fears have led to a slowdown in construction and infrastructure spending, translating to weaker demand," Zameer Yusof, senior analyst at Refinitiv Oil Research said in a .


INVENTORIES

- U.S. distillate stockpiles, which include diesel and heating oil, fell by 784,000 barrels last week, government data showed, compared with analysts' estimates of a drop by about 500,000 barrels in a Reuters poll. EIA/S

- Singapore stocks of middle distillates dropped 826,000 barrels to a seven-week low of 7.244 million barrels in the week to July 27, official data showed. O/SING1

SINGAPORE CASH DEALS O/AS

- No gasoil trade, jet fuel deals.


OTHER NEWS

- PetroChina 0857.HK has launched a 30.5 billion yuan ($4.52 billion) programme to expand a subsidiary refinery in southern China into an integrated petrochemicals complex.

ASSESSMENTS

MID-DISTILLATES






CASH ($/T)

ASIA CLOSE

Change

% Change

Prev Close

RIC

Spot Gas Oil 0.5%

137.46

6.07

4.62

131.39

GO-SIN

GO 0.5 Diff

-6.12

-0.02

0.33

-6.10

GO-SIN-DIF

Spot Gas Oil 0.25%

137.39

6.07

4.62

131.32

GO25-SIN

GO 0.25 Diff

-6.19

-0.02

0.32

-6.17

GO25-SIN-DIF

Spot Gas Oil 0.05%

136.64

6.07

4.65

130.57

GO005-SIN

GO 0.05 Diff

-6.94

-0.02

0.29

-6.92

GO005-SIN-DIF

Spot Gas Oil 0.001%

145.34

6.24

4.49

139.10

GO10-SIN

GO 0.001 Diff

1.76

0.14

8.64

1.62

GO10-SIN-DIF

Spot Jet/Kero

137.87

6.10

4.63

131.77

JET-SIN

Jet/Kero Diff

0.98

-0.02

-2.00

1.00

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 Mohi Narayan;
Editing by Vinay Dwivedi)

((mohi.@thomsonreuters.com))