SINGAPORE, Jan 19 (Reuters) - Asia's diesel markets kicked off the week with thin discussions on the trading window, though some February refiner sales were still expected to take place this week.
Markets were still supported by a wider east-west price spread, with the gap between FOB Singapore and ICE gasoil front-month prices widening slightly to nearly discounts of $37 per metric ton. These levels were still at one-month wide.
Some swing suppliers have started pivoting their spot cargoes west for January, according to some shipbroking data.
Refining margins GO10SGCKMc1 went back up to one-month highs of slightly more than $19.6 a barrel.
Deals were scant for gasoil on the trading window, with cash differentials GO10-SIN-DIF moving up to 16 cents per barrel, in tandem with the steeper paper market backwardation.
For jet fuel, more February spot offers emerged from China's refiners in line with earlier expectations, with discussions still mostly at premiums linked to FOB Singapore quotes.
The Singapore-U.S. west coast arbitrage price spread on paper remained at more than $20 a barrel as of late last Friday, Reuters calculations showed.
Regrade JETREG10SGMc1 gained slightly to premiums of nearly 50 cents a barrel.
SINGAPORE CASH DEALS O/AS
- No deal for gasoil or jet fuel
NEWS
- China's aviation fuel exports rose 15% year-on-year to 21.76 million tons in 2025, official customs data showed. December exports stood at 2.21 million metric tons, an annual increase of 71.5%.
- India's Mangalore Refinery and Petrochemicals Ltd is exploring purchases of Venezuelan oil as it halts imports of Russian oil to comply with Western sanctions, its head of finance Devendra Kumar said on Monday.
- Oil prices were down on Monday after rising during the previous session as civil unrest in Iran subsided, lowering the chance of a U.S. attack that could disrupt supply from the major Middle Eastern producer. O/R
- Kazakh oil producer Chevron-led Tengizchevroil $(TCO)$ said on Monday that it had temporarily halted oil production at the Tengiz and Korolev oilfields due to "an issue which has affected some of the site power distribution systems."
PRICES
MIDDLE DISTILLATES | ||||
CASH ($/BBL) | ASIA CLOSE | Change | Prev Close | RIC |
Spot Gas Oil 0.25% | 81.92 | 0.41 | 81.51 | GO25-SIN |
GO 0.25 Diff | -0.08 | 0.03 | -0.11 | GO25-SIN-DIF |
Spot Gas Oil 0.05% | 81.82 | 0.41 | 81.41 | GO005-SIN |
GO 0.05 Diff | -0.18 | 0.03 | -0.21 | GO005-SIN-DIF |
Spot Gas Oil 0.001% | 82.16 | 0.41 | 81.75 | GO10-SIN |
GO 0.001 Diff | 0.16 | 0.03 | 0.13 | GO10-SIN-DIF |
Spot Jet/Kero | 83.63 | 0.41 | 83.21 | JET-SIN |
Jet/Kero Diff | 1.05 | 0.00 | 1.05 | 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 Janane Venkatraman)
((trixie.yap@thomsonreuters.com;))
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