Asia Distillates-Jet fuel deals continue; prices rebound
SINGAPORE, Sept 12 (Reuters) -Asia's middle distillates markets recorded more physical discussions in comparison with paper activity, as jet fuel cargoes continued to be sold on the open trading window, with prices rebounding for the first time in four sessions.
In jet fuel markets, a slew of buying activity continued for end-September to early October cargoes on the open trading window, with UIT still being the key buyer. The regional trading house has bought up to 470,000 barrels this week for end-September to October loading.
This recent prompt buying activity could have been driven by trader shortcovering for the Asia region, one trade source said.
Regrade JETREG10SGMc1 however narrowed to discounts of 25 cents a barrel, as the rebound in gasoil prices was more robust compared with jet fuel.
Meanwhile, spot activity for gasoil was thin amid a buy-sell gap in the trading window and cautious outlooks, given the 2% rebound in ICE gasoil futures.
Uncertainty also stemmed from a lack of refinery selling activities for October, though sales should start in the next few trading sessions.
Refining margins GO10SGCKMc1 for 10ppm sulphur gasoil regained back some ground, rebounding to nearly $13 a barrel, reflecting gains in the paper markets and ICE futures.
Cash differentials GO10-SIN-DIF were little changed day on day as a buy-sell gap hampered deals and closer discussions.
SINGAPORE CASH DEALS O/AS
- No gasoil deal, two jet fuel deals
INVENTORIES
- U.S. oil stockpiles rose across the board last week as crude imports grew and exports dipped and as gasoline and distillate demand weakened, the Energy Information Administration (EIA) said on Wednesday. EIA/S
- Singapore's middle distillates stockpiles fell 4% week-on-week to below 11 million barrels as a rise in jet fuel/kerosene net exports outweighed gains in diesel/kerosene net exports, official data showed on Thursday. O/SING1
REFINERY NEWS REF/OUT
- PBF Energy PBF.N reported a mechanical issue with a hydrocracker at its 160,000 barrels-per-day Torrance refinery in California that led to a flaring event and vapor release, according to a regulatory filing on Wednesday.
- The 650,000 barrels per day (bpd) Dangote refinery in Nigeria is operating at 65%-70% capacity, producing fuels such as gasoline, gasoil, jet fuel and liquefied petroleum gas (LPG), the chairperson of Engineers India Ltd (EIL) ENGI.NS said on Wednesday.
- Japan's biggest refiner, Eneos Corp, shut the 153,000 barrel-per-day (bpd) crude distillation unit (CDU) at its Negishi refinery near Tokyo on Sept. 9 for scheduled maintenance, a company spokesperson said on Thursday.
NEWS
- Finnish refiner Neste NESTE.HE on Wednesday cut the margin outlook for its biofuel business for the third time this year due to falling prices and also lowered its expected sales volumes, sending the company's share price down 10%.
- Saudi Arabia's crude oil supply to China is set to rise to 46 million barrels in October, trade sources said on Thursday, after the world's top oil exporter slashed prices for Asia, boosting demand.
- Oil prices rose more than 1% on Thursday, extending a rebound spurred by concerns over Hurricane Francine's impact on U.S. output, though a gloomy demand outlook capped gains. O/R
PRICES
MIDDLE DISTILLATES | ||||
CASH ($/BBL) | ASIA CLOSE | Change | Prev Close | RIC |
Spot Gas Oil 0.5% | 76.78 | 1.51 | 75.26 | GO-SIN |
GO 0.5 Diff | -6.50 | 0.01 | -6.51 | GO-SIN-DIF |
Spot Gas Oil 0.25% | 81.81 | 1.51 | 80.29 | GO25-SIN |
GO 0.25 Diff | -1.47 | 0.01 | -1.48 | GO25-SIN-DIF |
Spot Gas Oil 0.05% | 81.24 | 1.51 | 79.72 | GO005-SIN |
GO 0.05 Diff | -2.04 | 0.01 | -2.05 | GO005-SIN-DIF |
Spot Gas Oil 0.001% | 82.69 | 1.51 | 81.18 | GO10-SIN |
GO 0.001 Diff | -0.59 | 0.01 | -0.60 | GO10-SIN-DIF |
Spot Jet/Kero | 82.86 | 1.05 | 81.81 | JET-SIN |
Jet/Kero Diff | -0.18 | -0.14 | -0.04 | 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 Shreya Biswas
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