Asia Distillates-Gasoil margin largely stable near $20/bbl

Reuters
Feb 12
Asia Distillates-Gasoil margin largely stable near $20/bbl

SINGAPORE, Feb 12 (Reuters) - Asia's gasoil margin clung to broadly steady levels of about $20 per barrel on Thursday, while the market continued to eye mixed sentiment regarding supply into March.

Trading momentum was thin in the Singapore spot market, with cash differentials for 10ppm sulphur gasoil GO10-SIN-DIF rangebound from the previous session.

The market structure for gasoil also held steady at a backwardation of over $1 for the prompt months.

For now, inventories in Singapore edged higher, with combined gasoil and jet fuel stocks breaching 9 million barels for the first time in 10 weeks.

Meanwhile, jet fuel market timespreads rebounded in volatile trading, after weakening in the previous session. A trade also emerged in the spot window, supporting the cash premium on Thursday.

The regrade spread JETREG10SGMc1 closed at a discount near 60 cents per barrel, LSEG data showed.

SINGAPORE CASH DEALS O/AS

- No deal for gasoil, one deal for jet fuel

INVENTORIES

- Singapore's middle distillates inventories rose 4.5% to 9.3 million barrels, official data showed on Thursday. O/SING1

- Middle distillates stockpiles held at the Fujairah Oil Industry Zone rose 15.2% to 3.3 million barrels in the week ended February 9, according to data published by S&P Global Commodity Insights. FUJAIARAH/

- U.S. distillate stockpiles, which include diesel and heating oil, fell by 2.7 million barrels in the week to 124.7 million barrels, versus expectations for a 1.3 million-barrel drop, based on the Energy Information Administration. EIA/S

REFINERY NEWS REF/OUT

- Marathon Petroleum shut its refinery in Catlettsburg, Kentucky, due to a brief power supply interruption on Tuesday evening, industry monitor IIR Energy said.

NEWS

- Oil prices edged up on Thursday as investors worried about escalating tensions between the U.S. and Iran, on fears that any attacks on Tehran or shipping could lead to supply disruptions. O/R

- OPEC forecast that the world's demand for oil from the OPEC+ group will drop by 400,000 barrels per day in the second quarter, and published data indicating a small surplus in that quarter ahead of a key decision on whether to resume output increases.

- Saudi Arabia's crude oil exports to China are set to touch a multi-year high in March after the kingdom cut its official selling prices to Asia for a fourth month and attracted more demand, several trade sources said.

- Ultra-low-sulphur diesel loadings from the Russian port of Primorsk may fall about 17% month-on-month in February to 1.7 million metric tons, as lower fuel output and harsh Baltic weather disrupt supplies, data from traders, LSEG and Reuters calculations showed.

PRICES

MIDDLE DISTILLATES

CASH ($/BBL)

ASIA CLOSE

Change

Prev Close

RIC

Spot Gas Oil 0.25%

87.91

0.09

87.82

GO25-SIN

GO 0.25 Diff

-0.49

0.10

-0.59

GO25-SIN-DIF

Spot Gas Oil 0.05%

88.34

0.07

88.27

GO005-SIN

GO 0.05 Diff

-0.06

0.08

-0.14

GO005-SIN-DIF

Spot Gas Oil 0.001%

89.65

-0.06

89.71

GO10-SIN

GO 0.001 Diff

1.25

-0.05

1.30

GO10-SIN-DIF

Spot Jet/Kero

88.61

0.28

88.33

JET-SIN

Jet/Kero Diff

1.05

0.28

0.77

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 Ronojoy Mazumdar)

((jeslyn.lerh@thomsonreuters.com))

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