Asia Distillates-Thin activity persists; jet fuel sees some East-West support
SINGAPORE, Aug 21 (Reuters) -Asia's middle distillates physical markets were thinly discussed in the open trading window for a second straight session as a buy-sell gap persisted, though jet fuel activity may find some East-West support in the short term and swaps discussions were brisk.
Discussions remained in a limbo as cautious outlooks persisted, though supply fundamentals remained ample.
The key issue now is that demand remains a question mark regionally and some traders are probably uncertain as a result, one regional analyst source said.
Spot discounts GO10-SIN-DIF however gained by 1 cent given continuous buying interest from Trafigura in the open trading window, against a backdrop of limited lower-priced cargoes.
Paper markets were in a slightly deeper contango structure from the previous trading session.
Refining margins GO10SGCKMc1 meanwhile clawed back some losses in the previous two trading sessions, rebounding to around $14.60 a barrel as paper markets gained back some ground.
On the jet fuel front, more China oil majors came out with their September spot cargoes for sale, with some traders speculating that there could be a possibility for some East-West arbitrage discussions soon.
There is some prompt supply tightness in the U.S. West Coast due to unexpected production outages there, which could bolster demand from Asia soon, one refinery source said.
Regrade JETREG10SGMc1 was supported for the third straight session, narrowing to a discount of slightly around 50 cents a barrel as a reflection of this possibly better demand expectation.
SINGAPORE CASH DEALS O/AS
- No deals for both fuels.
INVENTORIES
- U.S. crude oil inventories rose last week, while distillate and gasoline stocks fell, according to market sources citing American Petroleum Institute figures on Tuesday. API/S
- Middle distillates stocks held at Fujairah Oil Industry Zone climbed to a one-month high of 2.793 million barrels for the week ended Aug. 19, according to industry information service S&P Global Commodity Insights.
NEWS
- Nigeria will start selling crude oil in its naira currency to the Dangote refinery from Oct. 1, the finance ministry said in a statement, in a move aimed at easing foreign exchange pressure on the country's main oil refinery.
- Goldman Sachs on Tuesday said it expected Brent crude prices to fall to $68 per barrel by late 2025 if China oil demand remains flat through end of next year.
PRICES
MIDDLE DISTILLATES | ||||
CASH ($/BBL) | ASIA CLOSE | Change | Prev Close | RIC |
Spot Gas Oil 0.5% | 84.23 | 0.96 | 83.26 | GO-SIN |
GO 0.5 Diff | -6.43 | -0.01 | -6.42 | GO-SIN-DIF |
Spot Gas Oil 0.25% | 89.58 | 0.96 | 88.61 | GO25-SIN |
GO 0.25 Diff | -1.08 | -0.01 | -1.07 | GO25-SIN-DIF |
Spot Gas Oil 0.05% | 88.80 | 0.96 | 87.83 | GO005-SIN |
GO 0.05 Diff | -1.86 | -0.01 | -1.85 | GO005-SIN-DIF |
Spot Gas Oil 0.001% | 90.46 | 0.98 | 89.47 | GO10-SIN |
GO 0.001 Diff | -0.20 | 0.01 | -0.21 | GO10-SIN-DIF |
Spot Jet/Kero | 89.94 | 1.09 | 88.84 | JET-SIN |
Jet/Kero Diff | -0.37 | 0.01 | -0.38 | 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
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