Asia Distillates-Markets back in decline; Taiwan CPC starts Oct sales
SINGAPORE, Sept 2 (Reuters) -Asia's middle distillates markets went back on a slight decline on Monday as bearish macroeconomic indicators weighed further, despite upbeat expectations for physical fundamentals in the fourth quarter.
Traders were awaiting more spot refiner offers for October to emerge, though maintenance could hamper the overall number of spot cargoes available from 1-2 regional refiners.
Taiwan's CPC Corp was the first to start their sales for next month, offering at least 300,000 barrels of 10ppm cargoes for loading early October.
Refining margins GO10SGCKMc1 went back to slightly below $13 a barrel, giving back some of previous session's gains, with paper markets trending in line with crude losses.
Cash discounts GO10-SIN-DIF were still pressured at discounts of more than 40 cents a barrel in the prompt loading period, with several lower-priced sellers and generally a lack of buying interest despite a narrower September-October contango spread.
Jet fuel spot activity was slightly muted as some refiners cleared their September sales last week and had yet to start October negotiations.
Cheaper cargoes in the open trading window pressured jet fuel cash markets, but firm bids capped overall weakness in the market.
Regrade JETREG10SGMc1 went back to discounts of 35 cents a barrel, given the lack of firm support from the East-West arbitrage especially from the U.S. West Coast.
SINGAPORE CASH DEALS O/AS
- No gasoil deal, one jet fuel deal
REFINERY NEWS REF/OUT
- A Thursday night fire at Lyondell Basell Industries' LYB.N 263,776 barrel-per-day (bpd) Houston refinery may lead the company to permanently shut the plant ahead of its scheduled closure at the end of March 2025, people familiar with plant operations said on Friday.
NEWS
- Russia's exports of ultra low-sulphur diesel (ULSD) from the Baltic Sea port of Primorsk in September are set to fall by 8.1% month on month to 1.04 million metric tons, down from 1.17 million tons scheduled for August, two traders said on Friday.
- OPEC+ is set to proceed with a planned oil output hike from October, as Libyan outages and pledged cuts by some members to compensate for overproduction counter the impact of sluggish demand, six sources from the producer group told Reuters.
- China's manufacturing activity swung back to growth in August as new orders drove production, a private sector survey showed on Monday, offering a glimmer of hope amid a string of dismal economic data this summer.
- Oil exports at major Libyan ports were still halted on Monday and production curtailed across the country, though some output was being increased to feed local power generation, six engineers said.
PRICES
MIDDLE DISTILLATES | ||||
CASH ($/BBL) | ASIA CLOSE | Change | Prev Close | RIC |
Spot Gas Oil 0.5% | 82.73 | -2.51 | 85.23 | GO-SIN |
GO 0.5 Diff | -6.45 | 0.06 | -6.51 | GO-SIN-DIF |
Spot Gas Oil 0.25% | 87.76 | -2.51 | 90.26 | GO25-SIN |
GO 0.25 Diff | -1.42 | 0.06 | -1.48 | GO25-SIN-DIF |
Spot Gas Oil 0.05% | 87.20 | -2.51 | 89.70 | GO005-SIN |
GO 0.05 Diff | -1.98 | 0.06 | -2.04 | GO005-SIN-DIF |
Spot Gas Oil 0.001% | 88.75 | -2.55 | 91.29 | GO10-SIN |
GO 0.001 Diff | -0.43 | 0.02 | -0.45 | GO10-SIN-DIF |
Spot Jet/Kero | 89.17 | -2.37 | 91.54 | JET-SIN |
Jet/Kero Diff | -0.06 | -0.19 | 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 Mrigank Dhaniwala
면책조항: XM Group 회사는 체결 전용 서비스와 온라인 거래 플랫폼에 대한 접근을 제공하여, 개인이 웹사이트에서 또는 웹사이트를 통해 이용 가능한 콘텐츠를 보거나 사용할 수 있도록 허용합니다. 이에 대해 변경하거나 확장할 의도는 없습니다. 이러한 접근 및 사용에는 다음 사항이 항상 적용됩니다: (i) 이용 약관, (ii) 위험 경고, (iii) 완전 면책조항. 따라서, 이러한 콘텐츠는 일반적인 정보에 불과합니다. 특히, 온라인 거래 플랫폼의 콘텐츠는 금융 시장에서의 거래에 대한 권유나 제안이 아닙니다. 금융 시장에서의 거래는 자본에 상당한 위험을 수반합니다.
온라인 거래 플랫폼에 공개된 모든 자료는 교육/정보 목적으로만 제공되며, 금융, 투자세 또는 거래 조언 및 권고, 거래 가격 기록, 금융 상품 또는 원치 않는 금융 프로모션의 거래 제안 또는 권유를 포함하지 않으며, 포함해서도 안됩니다.
이 웹사이트에 포함된 모든 의견, 뉴스, 리서치, 분석, 가격, 기타 정보 또는 제3자 사이트에 대한 링크와 같이 XM이 준비하는 콘텐츠 뿐만 아니라, 제3자 콘텐츠는 일반 시장 논평으로서 "현재" 기준으로 제공되며, 투자 조언으로 여겨지지 않습니다. 모든 콘텐츠가 투자 리서치로 해석되는 경우, 투자 리서치의 독립성을 촉진하기 위해 고안된 법적 요건에 따라 콘텐츠가 의도되지 않았으며, 준비되지 않았다는 점을 인지하고 동의해야 합니다. 따라서, 관련 법률 및 규정에 따른 마케팅 커뮤니케이션이라고 간주됩니다. 여기에서 접근할 수 있는 앞서 언급한 정보에 대한 비독립 투자 리서치 및 위험 경고 알림을 읽고, 이해하시기 바랍니다.
