Asia Distillates-Window activity stays brisk, Trafigura buys more Aug cargoes
SINGAPORE, July 18 (Reuters) -Asia's middle distillates markets were mixed as window spot activity stayed upbeat but paper markets were thin in comparison, with Trafigura buying a total of 850,000 barrels of end-July to early-August cargoes so far this week.
Traders were waiting for more offers from refiners for August to have a clearer supply outlook, given cautious expectations for demand.
Slowing demand remained a worry, especially as some refineries were likely to bring back their facilities after maintenance ends, two trade sources said.
Concerns that China-origin exports could gain in the next two months were also evident given they still have sufficient quotas available until September, one trader said.
Refining margins GO10SGCKMc1 clawed back some losses from a day earlier, recovering to slightly above $16 a barrel at the market's close.
Spot market discounts GO10-SIN-DIF went back down to slightly more than 20 cents a barrel as lower-priced sellers were once again readily available.
Meanwhile, some traders are expecting China-origin jet fuel cargoes to remain readily available for August, though offers have yet to emerge so far.
Regrade JETREG10SGMc1 remained under pressure as a result, keeping at discounts of almost $1.20 a barrel.
SINGAPORE CASH DEALS O/AS
- One 10ppm gasoil deal, no jet fuel deal
INVENTORIES
- U.S. crude oil stockpiles last week fell more than expected as strong refining activity continued despite Hurricane Beryl, while gasoline and distillate inventories rose, the Energy Information Administration said on Wednesday. EIA/S
- Singapore's middle distillates stockpiles rose more than 30% from last week, as a surge of jet fuel/kerosene total imports - mainly from India - offset gains in diesel/gasoil net exports, data showed on Thursday. O/SING1
REFINERY NEWS REF/OUT
- Exxon Mobil's XOM.N 251,800-barrel-per-day refinery in Joliet, Illinois, is likely to have most units offline through this week, industry monitor IIR said on Wednesday.
NEWS
- China's diesel exports in June rose almost three-fold compared to a year earlier, data from the General Administration of Customs showed on Thursday, as domestic demand remained in the doldrums.
- Oil prices extended gains on Thursday, buoyed by a bigger than expected decline in crude stocks in the United States, the world's largest oil consumer. O/R
- QatarEnergy has raised the September term price for al-Shaheen crude to $1.88 a barrel above Dubai quotes, trade sources said on Wednesday, the highest premium in three months.
PRICES
MIDDLE DISTILLATES | ||||
CASH ($/BBL) | ASIA CLOSE | Change | Prev Close | RIC |
Spot Gas Oil 0.5% | 93.54 | 1.43 | 92.11 | GO-SIN |
GO 0.5 Diff | -6.32 | 0.01 | -6.33 | GO-SIN-DIF |
Spot Gas Oil 0.25% | 98.73 | 1.43 | 97.30 | GO25-SIN |
GO 0.25 Diff | -1.13 | 0.01 | -1.14 | GO25-SIN-DIF |
Spot Gas Oil 0.05% | 99.31 | 1.43 | 97.88 | GO005-SIN |
GO 0.05 Diff | -0.55 | 0.01 | -0.56 | GO005-SIN-DIF |
Spot Gas Oil 0.001% | 99.65 | 1.39 | 98.26 | GO10-SIN |
GO 0.001 Diff | -0.21 | -0.03 | -0.18 | GO10-SIN-DIF |
Spot Jet/Kero | 98.48 | 1.36 | 97.12 | JET-SIN |
Jet/Kero Diff | -0.16 | 0.03 | -0.19 | 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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