SINGAPORE, March 24 (Reuters) - Asia's middle distillates markets were again bereft of deals at the start of the trading week, though more China-origin jet fuel were on offer for April shipment as refiners trudged on with their regular sale activities.
The arbitrage window for Asia-origin jet fuel exports to the U.S. west coast market remained open though shipping enquiries have yet to emerge.
Meanwhile, more offers for gasoil also emerged from South Korea, with GS Caltex offering its fourth cargo loading in April and Hyundai Oilbank also offering higher-sulphur gasoil. MDIS/TENDA
Slow demand from several regional importers continue to put downside pressures on the market, two trade sources said.
Bids were scant once again on the open trading window, though lower-priced offers turned aplenty.
The 10ppm spot cash differentials GO10-SIN-DIF slipped to 14 cents a barrel reflecting the narrower paper market backwardation, while jet fuel spot differentials JET-SIN-DIF rose to their highest level since early March.
On Monday, refining margins GO10SGCKMc1 were little changed at around $13.70 a barrel.
Regrade JETREG10SGMc1 continued to hover at around 90 cents per barrel.
SINGAPORE CASH DEALS O/AS
- No deals for both fuels
NEWS
- Iraq's oil minister Hayan Abdel-Ghani has said Iranian oil tankers seized by U.S. forces in the Gulf were using forged Iraqi documents.
- U.S. and Russian officials began talks in Saudi Arabia on Monday aimed at making progress towards a broad ceasefire in Ukraine with Washington eyeing a separate Black Sea maritime ceasefire deal before securing a wider agreement.
- Top Chinese refining major Sinopec Corp will prioritise 'risk control' in purchasing Russian oil, which has similar quality for its value versus competing global supplies, a top company executive said on Monday.
PRICES
MIDDLE DISTILLATES | ||||
CASH ($/BBL) | ASIA CLOSE | Change | Prev Close | RIC |
Spot Gas Oil 0.5% | 81.32 | 0.02 | 81.30 | GO-SIN |
GO 0.5 Diff | -5.38 | -0.04 | -5.34 | GO-SIN-DIF |
Spot Gas Oil 0.25% | 85.90 | 0.04 | 85.86 | GO25-SIN |
GO 0.25 Diff | -0.80 | -0.02 | -0.78 | GO25-SIN-DIF |
Spot Gas Oil 0.05% | 85.67 | 0.04 | 85.63 | GO005-SIN |
GO 0.05 Diff | -1.03 | -0.02 | -1.01 | GO005-SIN-DIF |
Spot Gas Oil 0.001% | 86.84 | 0.05 | 86.80 | GO10-SIN |
GO 0.001 Diff | 0.14 | -0.02 | 0.16 | GO10-SIN-DIF |
Spot Jet/Kero | 86.27 | 0.23 | 86.04 | JET-SIN |
Jet/Kero Diff | 0.45 | 0.13 | 0.32 | 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 Shailesh Kuber)
((trixie.yap@thomsonreuters.com;))
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