Asia Distillates-Trading window sees thin liquidity; more Jan refiner sales underway
SINGAPORE, Dec 19 (Reuters) -Asia's middle distillates markets remained thinly discussed in the open trading window, though a myriad of spot sales from refiners carried on for January.
Window deals for 10ppm sulphur gasoil remained scant for the past week, though January discussions for spot cargoes were still ongoing at the sidelines.
So far, South Korean refiners have offered up to eight 10ppm sulphur spot cargoes, while Taiwan's FPCC has sold up to two 10ppm sulphur gasoil cargoes.
On the jet fuel front, January refiner sales have mostly been done at small discounts so far - a complete turn from earlier premiums discussed in end-December cargoes.
Spot premiums GO10-SIN-DIF were little changed, tracking a lack of discussions in the open trading window and scant offers since the start of the week.
Refining margins GO10SGCKMc1 climbed back from the past few sessions of weakness, to around $16.5 a barrel, as crude prices dipped at a quicker pace and ICE gasoil markets were thinly discussed.
Meanwhile, regrade JETREG10SGMc1 was little changed, hovering at discounts of around 50 cents a barrel.
SINGAPORE CASH DEALS O/AS
- No deals for both fuels
INVENTORIES
- Singapore's middle distillates stockpiles recorded a drawdown for the first time in two weeks, against a backdrop of rising net exports for both diesel/gasoil and jet fuel/kerosene, official government data showed on Thursday. O/SING1
- U.S. crude and distillate inventories fell in the week ended Dec. 13 as exports surged, while gasoline stockpiles rose, the Energy Information Administration (EIA) said on Wednesday. EIA/S
REFINERY NEWS REF/OUT
- Ukraine struck the Novoshakhtinsk oil refinery in Russia's Rostov region overnight, its military said on Thursday.
NEWS
- Sinopec said on Thursday it expects China's petroleum consumption to peak by 2027 as diesel and gasoline demand weakens, while noting that the incoming Trump administration represented a major question mark for China's energy industry.
- Indonesia will increase its export levy for crude palm oil to 10% from the current 7.5%, to finance higher biodiesel subsidy, its chief economic minister said on Thursday.
- Britain sanctioned 20 ships on Tuesday for allegedly carrying illicit Russian oil, its latest measures targeting Russia's so-called shadow fleet in response to the 2022 invasion of Ukraine.
PRICES
MIDDLE DISTILLATES | ||||
CASH ($/BBL) | ASIA CLOSE | Change | Prev Close | RIC |
Spot Gas Oil 0.5% | 82.97 | -0.51 | 83.48 | GO-SIN |
GO 0.5 Diff | -5.54 | 0.01 | -5.55 | GO-SIN-DIF |
Spot Gas Oil 0.25% | 88.56 | -0.51 | 89.07 | GO25-SIN |
GO 0.25 Diff | 0.05 | 0.01 | 0.04 | GO25-SIN-DIF |
Spot Gas Oil 0.05% | 88.85 | -0.51 | 89.36 | GO005-SIN |
GO 0.05 Diff | 0.34 | 0.01 | 0.33 | GO005-SIN-DIF |
Spot Gas Oil 0.001% | 89.02 | -0.51 | 89.53 | GO10-SIN |
GO 0.001 Diff | 0.51 | 0.01 | 0.50 | GO10-SIN-DIF |
Spot Jet/Kero | 89.27 | 0.62 | 88.65 | JET-SIN |
Jet/Kero Diff | 0.21 | 0.04 | 0.17 | 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 Mohammed Safi Shamsi and Devika Syamnath
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