SINGAPORE, Jan 29 (Reuters) - Asia's diesel market structures firmed further ahead of the month-end closing, though spot discussions were slightly limited on both window and offscreen for February, while jet fuel talks on the window were upbeat for a second session.
Traders were awaiting March spot discussions expected to start next week to gauge supply fundamentals as some regional refinery maintenance begin.
Cash differentials GO10-SIN-DIF gained again to premiums of 53 cents per barrel, reflecting the firmer paper market structure and higher bids on the window. However, a lack of trades was still evident.
At the close, the 10ppm sulphur gasoil refining margins GO10SGCKMc1 gained slightly to around $21.7 a barrel.
China-origin jet fuel were still being discussed at discounts of more than $1 a barrel for second-half February loading, several trade sources say, against a backdrop of lengthy supply expectations.
Next month's export plans remain at 2.2-2.4 million tons for the aviation and heating fuel, according to traders' estimates.
Regrade JETREG10SGMc1 continued trading at discounts of around $1 a barrel.
SINGAPORE CASH DEALS O/AS
- No gasoil deal, one jet fuel deal.
INVENTORIES
- U.S. crude stocks fell as exports surged last week, the Energy Information Administration said on Wednesday, while fuel inventories were up despite higher demand. EIA/S
- Singapore's distillate stocks were almost steady week on week, while total diesel imports surged and jet fuel exports declined slightly, according to official government data released on Thursday. O/SING1
REFINERY NEWS REF/OUT
- Mexico's Olmeca refinery, located in the Gulf port of Dos Bocas and run by state oil firm Pemex, halted its operations on Monday due to a power failure, according to two internal reports seen by Reuters.
NEWS
- U.S. refiner Citgo Petroleum has bought Venezuelan crude oil for the first time since 2019, when it severed ties with its parent, state-run oil firm Petroleos de Venezuela, two sources familiar with the matter told Reuters on Wednesday.
- Lukoil had agreed to sell most of its foreign assets, estimated to be worth around $22 billion, to U.S. private equity firm Carlyle Group CG.O pending approval from the U.S. government, Russia's No. 2 oil producer said on Thursday.
- Oil prices rose 1.5% on Thursday, extending gains for a third day, on increasing concerns the U.S. may carry out a military attack on key Middle Eastern producer Iran that could disrupt supply from the region. O/R
- Indian Oil Corp expects its annual diesel exports to rise sharply to up to 5 million metric tons from 2027 as it expands refining capacity, the company's head of marketing told reporters at the India Energy Week conference.
PRICES
MIDDLE DISTILLATES | ||||
CASH ($/BBL) | ASIA CLOSE | Change | Prev Close | RIC |
Spot Gas Oil 0.25% | 88.23 | 1.88 | 86.35 | GO25-SIN |
GO 0.25 Diff | 0.15 | 0.04 | 0.11 | GO25-SIN-DIF |
Spot Gas Oil 0.05% | 88.27 | 1.88 | 86.39 | GO005-SIN |
GO 0.05 Diff | 0.19 | 0.04 | 0.15 | GO005-SIN-DIF |
Spot Gas Oil 0.001% | 88.61 | 1.92 | 86.69 | GO10-SIN |
GO 0.001 Diff | 0.53 | 0.08 | 0.45 | GO10-SIN-DIF |
Spot Jet/Kero | 87.69 | 1.86 | 85.83 | JET-SIN |
Jet/Kero Diff | 0.64 | 0.04 | 0.60 | 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 Eileen Soreng)
((trixie.yap@thomsonreuters.com;))
Comments