-+undefined NaN%
-+undefined NaN%
-+undefined NaN%

Asia Distillates-Gasoil margins down on cautious trading sentiment

Reuters · 01/06/2023 05:33
Asia Distillates-Gasoil margins down on cautious trading sentiment


- Asia's 10-ppm sulphur gasoil margins fell on Friday, ending the week lower, as cautious trading sentiment persisted amid mixed stock levels in the West despite some regional production disruption.

Sufficient Asian supplies, especially from China-based producers, continued to weigh on the market.

China export volumes for January are currently estimated at 1.5-1.7 million tonnes for gasoil and at 1.17 million tonnes for jet fuel, according to data compiled by Refinitiv, Longzhong and others.

At least two China refiners offered January-loading gasoil in the week to Jan. 6, according to trading sources.

Refining margins GO10SGCKMc1 for 10 ppm sulphur gasoil were at $30 a barrel.

However, cash differentials GO10-SIN-DIF for 10 ppm sulphur gasoil went up to $1.70 a barrel, reflecting some end-January buying.

Jet fuel refining margins JETSGCKMc1 fell to $29.20 a barrel.

The declines were mitigated slightly by expectations of stronger Chinese demand ahead of the Lunar New Year holidays.

Regrade JETREG10SGMc1 to minus $0.80 a barrel as a result.


SINGAPORE CASH DEALS O/AS

- One gasoil deal.


TENDERS MDIS/TENDA

- India's Nayara, IndianOil offers Jan-Feb loading diesel and jet fuel


INVENTORIES

–– U.S. distillate inventories fell more than expected as a 0winter storm gripped the United States at the end of December and refineries produced fuel at their lowest rate for two years, data from the U.S. Energy Information Administration showed on Thursday.

Distillate stockpiles USOILD=ECI, which include diesel and heating oil, fell 1.4 million in the week to Dec. 30, versus expectations for a 396,000-barrel drop, the data showed. EIA/S

–– Gasoil stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage area surged to a 14-month high in the week to Thursday, data from Dutch consultancy Insights Global showed. ARA/


NEWS

– China expects the total of passenger trips made by travellers by road, rail, water and flight during the upcoming Lunar New Year to reach 2.1 billion this year, double from last year's 1.05 billion during the same period.

– China's aviation regulator wants passenger traffic to reach around 75% of pre-pandemic levels in 2023, up from 38% last year when the since-abandoned zero-COVID policy led to domestic lockdowns and kept the border closed, state media reported on Friday.

– Output from Vietnam's largest oil refinery is expected to fall by 20%-25% during the first 10 days of January as its residual fluid catalytic cracking (RFCC) unit has been shut down due to a technical problem, the government said on Thursday.

– Top crude exporter Saudi Arabia lowered prices for the flagship Arab light crude it sells to Asia to $1.80 a barrel above the Oman/Dubai average, the lowest since November 2021, Aramco 2222.SE said on Thursday.

– Oil prices rose as much as $1 on Friday, extending gains from the previous session, supported by hopes of a China demand boost and after data showed lower U.S. fuel inventories following a winter storm that hit at the end of the year. O/R

– U.S. oil refiner Phillips 66 PSX.N expects supplies of gasoline and diesel to be tight this summer, a top executive said on Thursday during a presentation at the Goldman Sachs Global Energy and Clean Technology Conference.


PRICES

MID-DISTILLATES






CASH ($/T)

ASIA CLOSE

Change

% Change

Prev Close

RIC

Spot Gas Oil 0.5%

99.76

-1.37

-1.35

101.13

GO-SIN

GO 0.5 Diff

-6.15

0.06

-0.97

-6.21

GO-SIN-DIF

Spot Gas Oil 0.25%

104.09

-1.37

-1.30

105.46

GO25-SIN

GO 0.25 Diff

-1.82

0.06

-3.19

-1.88

GO25-SIN-DIF

Spot Gas Oil 0.05%

105.65

-1.37

-1.28

107.02

GO005-SIN

GO 0.05 Diff

-0.26

0.06

-18.75

-0.32

GO005-SIN-DIF

Spot Gas Oil 0.001%

107.61

-1.37

-1.26

108.98

GO10-SIN

GO 0.001 Diff

1.7

0.06

3.66

1.64

GO10-SIN-DIF

Spot Jet/Kero

106.9

-1.54

-1.42

108.44

JET-SIN

Jet/Kero Diff

1.99

-0.05

-2.45

2.04

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 Savio D'Souza)

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