Asia Distillates-Activity upbeat; Trafigura buys 450,000 bbls of gasoil on window

Reuters

Asia Distillates-Activity upbeat; Trafigura buys 450,000 bbls of gasoil on window

7. Aug. 2024 um 12:10 nachm. GMT

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SINGAPORE, Aug 7 (Reuters) -Asia's middle distillates markets were filled with spot August discussions on Wenesday, with activity at a quicker pace than the previous trading session, while a flurry of deals were still prevalent.

Trafigura continued with its slew of purchases for August cargoes, locking in 300,000 barrels for end-August shipment and 150,000 barrels for early September shipment.

Traders were fervently waiting for more September refiner offers to get clues on how supply levels would pan out going forward, with the market still remaining in a contango for September-October paper swaps.

Meanwhile, on the east-west arbitrage front, traders were expecting most India and Middle East cargoes to pivot west instead of east for now because of the better freight situation currently.

Refining margins GO10SGCKMc1 for the transport and industrial fuel dipped slightly to around $16.50 a barrel.

Spot discounts GO10-SIN-DIF climbed slightly by 2 cents a barrel to 30 cents a barrel, with Trafigura clearing most of the offers in the market.

On the jet fuel markets front, some prompt August sale discussions were also done for South Korea-origin cargoes at discounts of less than $1 a barrel and more September offers should emerge soon, two trade sources said.

Regrade JETREG10SGMc1 was little changed at a discount of 83 cents a barrel.

SINGAPORE CASH DEALS O/AS

- Three 10ppm sulphur gasoil deals, no jet fuel deals.

INVENTORIES

- U.S. crude oil, gasoline and distillate inventories rose last week, according to market sources, citing American Petroleum Institute figures on Tuesday. API/S

REFINERY NEWS REF/OUT

- Oman's Ministry of Energy and Minerals has sold 1 million barrels of crude to load at the end of August in a prompt tender after one of the crude units at the Sohar refinery was unexpectedly shut, several traders said on Wednesday.

NEWS

- The U.S. Energy Information Administration on Tuesday forecast tighter supply and demand balances for U.S. oil markets this year, but also lowered its outlook for prices, according to its Short-Term Energy Outlook.

- China's daily crude oil imports in July fell to their lowest since September 2022, Reuters records of customs data show, as weak processing margins and low fuel demand curbed operations at state-run and independent refineries.

- Saudi Aramco 2223.SE will buy from Japan's Sumitomo Chemical 4005.T a 22.5% stake in their petrochemical joint venture Petro Rabigh for $702 million, the companies said on Wednesday, outlining a turnaround strategy for the loss-making firm.

PRICES

MIDDLE DISTILLATES
CASH ($/BBL)	ASIA CLOSE	Change	Prev Close	RIC
Spot Gas Oil 0.5%	85.29	0.09	85.21	GO-SIN
GO 0.5 Diff	-6.41	-0.01	-6.40	GO-SIN-DIF
Spot Gas Oil 0.25%	90.64	0.08	90.56	GO25-SIN
GO 0.25 Diff	-1.06	-0.01	-1.05	GO25-SIN-DIF
Spot Gas Oil 0.05%	89.95	0.09	89.86	GO005-SIN
GO 0.05 Diff	-1.75	-0.01	-1.74	GO005-SIN-DIF
Spot Gas Oil 0.001%	91.40	0.12	91.28	GO10-SIN
GO 0.001 Diff	-0.30	0.03	-0.32	GO10-SIN-DIF
Spot Jet/Kero	90.41	0.13	90.28	JET-SIN
Jet/Kero Diff	-0.40	0.02	-0.42	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