Asia Distillates-Benchmarks largely stable while backwardation eases
SINGAPORE, Nov 25 (Reuters) -Asia's spot middle distillate benchmarks were little changed on Monday amid quiet window trade, though market backwardation softened at the prompt months after seeing recent support.
Cash premiums for 10ppm sulphur gasoil GO10-SIN-DIF were pegged slightly below 50 cents a barrel, reflecting a narrower backwardation for the Dec/Jan contract.
Meanwhile, margins for the product closed higher from the previous trading session at premiums near $16.50 a barrel, based on LSEG data.
The jet fuel market was also broadly steady in thin trade amid a wide buy-sell gap.
Regrade spread JETREG10SGMc1 was stable at a premium of 60 cents a barrel on Monday.
SINGAPORE CASH DEALS O/AS
- No gasoil deal, no jet fuel deal.
REFINERY NEWS REF/OUT
- Gunvor has undertaken a temporary economic shutdown of its Rotterdam oil refinery effective Nov. 25, the company said in a statement on Friday citing a lack of commercially viable feedstock.
- Russia's second-largest oil producer Lukoil LKOH.MM is restoring operations of its catalytic cracker complex, ramping up gasoline output after the unit's breakdown on Nov. 13, two industry sources told Reuters on Friday.
NEWS
- China has issued an additional crude oil import quota of at least 5.84 million metric tons (116,800 barrels per day) to independent refiners for cargoes arriving by end-2024 and in early 2025, people familiar with the situation said on Monday.
- Iran will strive not to accept limitations on its oil production quota, the country's oil minister Mohsen Paknejad said in a video shared by state media on Monday.
- French oil major TotalEnergies SE was not informed of a U.S. investigation into possible bribery and corruption at Adani Green Energy Limited, it said on Monday, adding it will stop financial contributions to investments with Adani Group companies following last week's U.S. federal indictment.
PRICES
MIDDLE DISTILLATES | ||||
CASH ($/T) | ASIA CLOSE | Change | Prev Close | RIC |
Spot Gas Oil 0.5% | 83.85 | -1.31 | 85.16 | GO-SIN |
GO 0.5 Diff | -5.75 | -0.05 | -5.70 | GO-SIN-DIF |
Spot Gas Oil 0.25% | 89.91 | -1.30 | 91.21 | GO25-SIN |
GO 0.25 Diff | 0.31 | -0.04 | 0.35 | GO25-SIN-DIF |
Spot Gas Oil 0.05% | 90.10 | -1.29 | 91.39 | GO005-SIN |
GO 0.05 Diff | 0.50 | -0.03 | 0.53 | GO005-SIN-DIF |
Spot Gas Oil 0.001% | 90.06 | -1.30 | 91.36 | GO10-SIN |
GO 0.001 Diff | 0.46 | -0.04 | 0.50 | GO10-SIN-DIF |
Spot Jet/Kero | 90.39 | -1.30 | 91.68 | JET-SIN |
Jet/Kero Diff | 0.20 | -0.01 | 0.21 | 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 Jeslyn Lerh; Editing by Krishna Chandra Eluri
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