Asia Distillates-Spot diesel market extends recovery
SINGAPORE, Sept 30 (Reuters) -Asia's spot diesel market extended recovery into the final trading day of the month, supported by expectations of lower volumes loading out from China next month.
The 10ppm sulphur gasoil spot differential GO10-SIN-DIF was pegged at a small premium on Monday, after hovering in discounts since late June.
The paper market had turned into backwardation recently amid prospects of lower supplies which countered earlier demand concerns.
However, refining margins for gasoil GO10SGCKMc1 closed the trading session lower at $12.74 a barrel, after reaching a three-week high last week.
Meanwhile, spot selling interest persisted in the jet fuel market, with one physical deal emerging on Monday.
The regrade spread JETREG10SGMc1 widened slightly after closing at more than a month's low.
In tenders, India's MRPL offered more diesel and jet fuel for loading in October, closing on Oct. 1 with same-day validity.
SINGAPORE CASH DEALS O/AS
- No deal for gasoil, one deal for jet fuel
REFINERY NEWS REF/OUT
- Russia's Antipinsky and Novokuibyshevsk oil refineries halted processing this month for planned maintenance, industry sources said.
- U.S. oil refiners are expected to have about 1.09 million barrels per day of capacity offline in the week ending Oct. 4, decreasing available refining capacity by 4,000 bpd, research company IIR Energy said on Monday.
NEWS
- Rising U.S. crude oil exports are boosting the prominence of Gulf Coast price benchmarks and buoying trading volumes on Houston contracts, eroding the significance of the Cushing, Oklahoma, storage hub.
- Russian Deputy Prime Minister Alexander Novak expects oil prices' fluctuations will subside following volatility spurred by the tensions in the Middle East as geopolitical risks are already factored in, he told Al Arabiya News.
- Mexico's Pemex this month shipped its first fuel export cargo from its new Olmeca refinery to India, a sign of progress after multiple delays and spiraling costs, according to shipping data and industry sources.
PRICES
MID-DISTILLATES | ||||
CASH ($/T) | ASIA CLOSE | Change | Prev Close | RIC |
Spot Gas Oil 0.5% | 78.47 | 0.46 | 78.01 | GO-SIN |
GO 0.5 Diff | -6.25 | 0.01 | -6.26 | GO-SIN-DIF |
Spot Gas Oil 0.25% | 83.52 | 0.44 | 83.08 | GO25-SIN |
GO 0.25 Diff | -1.20 | -0.01 | -1.19 | GO25-SIN-DIF |
Spot Gas Oil 0.05% | 83.79 | 0.44 | 83.35 | GO005-SIN |
GO 0.05 Diff | -0.93 | -0.01 | -0.92 | GO005-SIN-DIF |
Spot Gas Oil 0.001% | 84.73 | 0.54 | 84.20 | GO10-SIN |
GO 0.001 Diff | 0.01 | 0.08 | -0.07 | GO10-SIN-DIF |
Spot Jet/Kero | 83.80 | 0.49 | 83.32 | 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 Jeslyn Lerh; Editing by Shreya Biswas
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