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Asia Distillates-S. Korea refiners continue Sept sales; jet fuel remains bullish



<html xmlns="http://www.w3.org/1999/xhtml"><head><title>Asia Distillates-S. Korea refiners continue Sept sales; jet fuel remains bullish</title></head><body>

SINGAPORE, Aug 23 (Reuters) -Asia's middle distillates markets recorded upbeat spot trading activity for September despite price and margins weakness week on week, while some bullish demand-supply outlooks did emerge for September and October.

A myriad of spot deals were done through the week by a handful of South Korea-based oil majors for September, as they sold up to 14 cargoes of 10ppm gasoil cargoes till now.

Meanwhile, several cargoes from India and the Middle East were seemingly bound for Brazil again for August loading, with this trade route gaining some traction ahead of maintenance in Russia and also better profit margins for east-west arbitrage flows, traders and analysts said.

This could in turn alleviate the persistent supply glut within Asia in the near-term and provide a floor to both margins and prices soon.

At least 350,000 tons of diesel will likely head from India and the Middle East for Brazil for August loading, data from Vortexa, Kpler and one trading source showed.

Refining margins GO10SGCKMc1 for the fuel fell around $1.40 from a week earlier to close the trading week at $14.30 a barrel.

Cash differentials GO10-SIN-DIF were little changed from the previous trading session but a lack of active buying interest in the window capped spot activity for September.

For jet fuel, prompt month support from the west this week propelled the paper swaps market into a backwardated structure, with September prices propped up mostly as traders try their best to send cargoes west.

Regrade JETREG10SGMc1 took a breather from gains the past three trading sessions and closed at a discount of 40 cents a barrel. The discount still however halved from a week earlier on stronger demand expectations, holding strong at more than two-month highs.

Spot cash markets flipped to a premium for the aviation fuel for the first time since two months ago, reflecting the strong open market buying interest for September cargoes.


SINGAPORE CASH DEALS O/AS

- No deals for both fuels


INVENTORIES

- Independently held refined oil products stocks in storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub rose by 3.2% in the week to Thursday, driven by higher middle distillate stocks, data from Dutch consultancy Insights Global showed. ARA/


NEWS

- Chinese biofuel company Zhejiang Jiaao 603822.SS has signed an investment deal with BP BP.L on sustainable aviation fuel, the company said in a statement on its WeChat account late Thursday.

- Oil prices were little changed on Friday but on track to end the week lower, as weaker U.S. employment data raised concerns over demand, and renewed ceasefire talks in Gaza eased worries about supply disruptions. O/R

- Owners of Philippine Tank Storage International are seeking to bring a strategic investor into the company that runs the biggest petroleum products import storage facility in the country, two people with knowledge of the matter said.

- Malaysian state energy firm Petronas is in talks with sellers to buy Middle East crude loading in October for its joint-venture refinery with Saudi Aramco as the plant ramps up output, trade sources said on Friday.


PRICES


MIDDLE DISTILLATES





CASH ($/BBL)

ASIA CLOSE

Change

Prev Close

RIC

Spot Gas Oil 0.5%

84.18

1.67

82.51

GO-SIN

GO 0.5 Diff

-6.44

0.00

-6.44

GO-SIN-DIF

Spot Gas Oil 0.25%

89.22

1.67

87.55

GO25-SIN

GO 0.25 Diff

-1.41

0.00

-1.41

GO25-SIN-DIF

Spot Gas Oil 0.05%

88.75

1.67

87.08

GO005-SIN

GO 0.05 Diff

-1.87

0.00

-1.87

GO005-SIN-DIF

Spot Gas Oil 0.001%

90.39

1.66

88.73

GO10-SIN

GO 0.001 Diff

-0.23

-0.01

-0.22

GO10-SIN-DIF

Spot Jet/Kero

90.40

1.63

88.77

JET-SIN

Jet/Kero Diff

0.13

0.31

-0.18

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 Shreya Biswas

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