SINGAPORE, Nov 10 (Reuters) - Asia's diesel market structures eased slightly, erasing some of previous session's gains, as traders mulled supply-demand fundamentals amid ongoing December spot refiner sale activities and next year's term discussions.
Some refiners kickstarted term negotiations for 2026, either via private discussions or open sale tenders, multiple trade sources say, including Taiwan's Formosa Petchem.
A handful of Middle East refiners have also started on a cost&freight $(CFR)$ basis, though further details could not be confirmed.
Meanwhile, more spot December discussions are likely to take flight this week as well with some offers likely to be in premiums given the current bullish trading sentiment.
For jet fuel, trading activity remained upbeat as support from the U.S. west coast markets will likely prevail for a few months given a prolonged outage at one refiner's jet fuel producing unit there.
Refining margins GO10SGCKMc1 fell to around $26.4 a barrel, falling by more than $1 a barrel.
Cash differentials GO10-SIN-DIF stayed supported by firmer bids on the trading window, though deals were scant amid a lack of offers.
Regrade JETREG10SGMc1 narrowed further to discounts of 50-70 cents per barrel, with gasoil markets weakening slightly and jet fuel remaining firm.
SINGAPORE CASH DEALS O/AS
- No deals for both fuels
REFINERY NEWS REF/OUT
- China oil major PetroChina will shut its entire Yunnan petrochemical plant for maintenance from November 15, 2025, to January 15, 2026, the company said in a statement on Monday.
- Indonesian state energy firm PT Pertamina said on Monday it has initiated the start-up of the residual fluid catalytic cracking (RFCC) unit at its Balikpapan refinery.
NEWS
- Two Indian state refiners have purchased 5 million barrels of crude oil from spot markets via tenders as they continue to scout for alternatives to Russian supplies, trade sources said.
- Oil prices rose on Monday on optimism that the U.S. government shutdown could end soon and lift demand in the world's top oil consumer, offsetting concerns about rising supplies globally. O/R
PRICES
MIDDLE DISTILLATES | ||||
CASH ($/BBL) | ASIA CLOSE | Change | Prev Close | RIC |
Spot Gas Oil 0.25% | 92.64 | -1.46 | 94.10 | GO25-SIN |
GO 0.25 Diff | -0.17 | -0.08 | -0.09 | GO25-SIN-DIF |
Spot Gas Oil 0.05% | 93.94 | -1.16 | 95.09 | GO005-SIN |
GO 0.05 Diff | 1.13 | 0.23 | 0.90 | GO005-SIN-DIF |
Spot Gas Oil 0.001% | 95.60 | -1.28 | 96.88 | GO10-SIN |
GO 0.001 Diff | 2.79 | 0.10 | 2.69 | GO10-SIN-DIF |
Spot Jet/Kero | 93.86 | -0.80 | 94.66 | JET-SIN |
Jet/Kero Diff | 2.05 | 0.05 | 2.00 | 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 Trixie Yap; Editing by Sahal Muhammed)
((trixie.yap@thomsonreuters.com;))
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