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Asia Distillates-Gasoil premiums and margins up on oil surge, Dec demand

Reuters · 11/16/2022 05:14
Asia Distillates-Gasoil premiums and margins up on oil surge, Dec demand


- Asia's 10 ppm sulphur gasoil margins and premiums rose on Tuesday following a late afternoon surge in oil futures and strong buying interest in the open market.

Cash differentials GO10-SIN-DIF for 10 ppm sulphur gasoil firmed to $3.66 a barrel on buying interest for December parcels, with only one China major offering a spot lot.

Refining margins GO10SGCKMc1 for 10 ppm sulphur gasoil firmed by $1.30 a barrel to $40.28 a barrel.

Jet fuel refining margins JETSGCKMc1 followed the same trend, closing 85 cents a barrel higher at $34.48 a barrel

Cash premiums JET-SIN-DIF for jet fuel rose to $2.26 a barrel, reflecting healthy first-half December loading demand.


SINGAPORE CASH DEALS O/AS

- No gasoil or jet deal.


INVENTORIES

- U.S. crude oil stockpiles fell in the latest week, while fuel stockpiles rose, market sources said citing American Petroleum Institute figures on Tuesday. Crude stocks fell by about 5.8 million barrels for the week ended Nov. 11, they said. Gasoline inventories rose by about 1.7 million barrels, while distillate stocks rose by about 850,000 barrels, according to the sources, who spoke on condition of anonymity. API/S


NEWS

- Oil prices rose on Wednesday, erasing earlier losses, after an incident involving a commercial vessel off the coast of Oman, but rising COVID-19 cases in China capped gains. O/R

- The U.S. Navy's Fifth Fleet is aware of an incident in the Gulf of Oman involving a commercial vessel, Commander Timothy Hawkins told Reuters on Wednesday. The Associated Press cited a defense official as saying that a Liberian-flagged oil tanker was struck in an exploding drone attack off the Gulf of Oman.

- Global independent tank storage company Vopak VOPA.AS is introducing a contractual clause that requires customers to provide a certificate of origin for oil stored at its terminals, four industry sources told Reuters.

- Indian refiners are wary of buying Russia crude oil loading after Dec. 5 when European Union sanctions take effect, pending clarity on the proposed G7 price-cap mechanism, according to sources familiar with the refiners' crude purchase plans.


PRICES

MID-DISTILLATES






CASH ($/T)

ASIA CLOSE

Change

% Change

Prev Close

RIC

Spot Gas Oil 0.5%

122.23

1.22

1.01

121.01

GO-SIN

GO 0.5 Diff

-5.35

0.02

-0.37

-5.37

GO-SIN-DIF

Spot Gas Oil 0.25%

128.46

1.22

0.96

127.24

GO25-SIN

GO 0.25 Diff

0.88

0.02

2.33

0.86

GO25-SIN-DIF

Spot Gas Oil 0.05%

130.43

1.22

0.94

129.21

GO005-SIN

GO 0.05 Diff

2.85

0.02

0.71

2.83

GO005-SIN-DIF

Spot Gas Oil 0.001%

131.23

1.47

1.13

129.76

GO10-SIN

GO 0.001 Diff

3.66

0.28

8.28

3.38

GO10-SIN-DIF

Spot Jet/Kero

123.86

1.22

0.99

122.64

JET-SIN

Jet/Kero Diff

2.26

0.11

5.12

2.15

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 Trixie Yap;
Editing by Vinay Dwivedi)

((trixie.yap@thomsonreuters.com;))