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Asia Distillates-Markets little changed on thin activity; August jet fuel offers in full swing



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SINGAPORE, July 16 (Reuters) -Asia's middle distillates markets recorded slightly slowing trading momentum in the physical markets, with prices also posting limited fluctuations as overall fundamentals were likely to remain weak in the near term.

Some traders are expecting the market to bounce back only in September, which explains the paper market structure for the time being where prompt months are in contango and forward remains in backwardation.

Fundamentals still look weak for prompt markets and this may extend into August, two sources said.

Markets were mixed on how China's August export plans would pan out, given that margins turned slightly shaky in the past two sessions after weakness in the international markets compared with local China wholesale prices.

Refining margins GO10SGCKMc1, however, recovered slightly as the weakness in crude futures outweighed declines in the paper market.

Cash differentials GO10-SIN-DIF gained again for a second consecutive session this week to a discount of 16 cents a barrel, with Trafigura still bidding in the open window.

Meanwhile ,for jet fuel, SK Energy offered one more spot cargo for August shipment in line with earlier expectations, with China oil major Rongsheng PC also in the market with two cargoes for early August.

Regrade JETREG10SGMc1 was little changed at the market's close of slightly above $1 a barrel, likewise the previous session.


SINGAPORE CASH DEALS O/AS

- No gasoil deal, one jet fuel deal


INVENTORIES

- U.S. crude stockpiles were likely to have risen while products inventories probably fell last week, a preliminary Reuters poll showed on Monday. EIA/S


REFINERY NEWS REF/OUT

- Indonesian state energy company Pertamina expects its Balikpapan refinery's CDU IV to resume operations later this month, an official at its refinery subholding PT Kilang Pertamina Internasional (KPI) said on Tuesday.

- Indian private oil refiner Nayara Energy is planning to shut a delayed coker and some other units at its refinery in Vadinar for maintenance for about three weeks from end-August or early September, three trading sources said.


NEWS

- Yemen's Houthis targeted three vessels, including an oil tanker, in the Red and Mediterranean seas with ballistic missiles, drones and booby-trapped boats, they said on Monday.

- Expectations U.S. interest rates will fall, preventing a hard landing for the economy, has kept investors bullish, although geopolitics pose the biggest risk to that scenario, the Bank of America's global fund manager survey showed on Tuesday.

- French oil major TotalEnergies TTEF.PA on Tuesday announced its second-quarter hydrocarbon production levels will hit the high end of its guidancerange while higher oil prices partially offset a slowdown in the gas business.


PRICES


MIDDLE DISTILLATES





CASH ($/BBL)

ASIA CLOSE

Change

Prev Close

RIC

Spot Gas Oil 0.5%

92.99

-0.57

93.56

GO-SIN

GO 0.5 Diff

-6.32

0.03

-6.35

GO-SIN-DIF

Spot Gas Oil 0.25%

98.18

-0.58

98.76

GO25-SIN

GO 0.25 Diff

-1.13

0.03

-1.16

GO25-SIN-DIF

Spot Gas Oil 0.05%

98.76

-0.57

99.33

GO005-SIN

GO 0.05 Diff

-0.55

0.03

-0.58

GO005-SIN-DIF

Spot Gas Oil 0.001%

99.15

-0.56

99.71

GO10-SIN

GO 0.001 Diff

-0.16

0.05

-0.20

GO10-SIN-DIF

Spot Jet/Kero

98.13

-0.59

98.72

JET-SIN

Jet/Kero Diff

-0.11

0.02

-0.13

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 Krishna Chandra Eluri

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