Asia Distillates-Gasoil margins, premiums hit almost 3-week high
14/12/2022 12:59
SINGAPORE, Dec 14 (Reuters) - Asia's 10-ppm sulphur gasoil margins on
Wednesday recouped losses with premiums hitting their highest since end-November, as
oil futures gained amid a forecast of a rebound in demand over the course of next
year.
Cash differentials GO10-SIN-DIF rose by 4 cents to $1.63 a barrel.
Buying interest emerged, but offers were once again readily available for
end-December to January-loading cargoes.
Refining margins GO10SGCKMc1 for 10 ppm sulphur gasoil surged to $37.63 a
barrel, up more than $3 day on day.
Likewise, jet fuel refining margins JETSGCKMc1 went up by a similar magnitude
to close at $33.63 a barrel.
Regrade JETREG10SGMc1 was flat at minus $4 a barrel.
SINGAPORE CASH DEALS O/AS
- No gasoil or jet fuel deal.
TENDERS MDIS/TENDA
- South Korea's SK Energy and Hyundai Oilbank offers January jet fuel and 10 ppm
sulphur gasoil respectively.
INVENTORIES
- U.S. crude oil inventories rose last week, along with gasoline and distillate
stockpiles, according to market sources citing American Petroleum Institute figures
on Tuesday.
Crude stocks rose by about 7.8 million barrels in the week ended Dec. 9, they
said. Gasoline inventories rose by about 900,000 barrels, while distillate stocks
rose by about 3.4 million barrels, according to the sources, who spoke on condition
of anonymity. API/S
- Middle distillate stocks at Fujairah Oil Industry Zone rose to a new high
since early October to 3.812 million barrels, according to industry information
service S&P Global Commodity Insights. FUJAIRAH/
NEWS
- Road and air traffic in China, the world's second-biggest oil consumer, has
rebounded sharply after a significant easing in the country's COVID-19 restrictions,
boosting the outlook for fuel demand and supporting crude prices. The changes
immediately triggered a significant rise in mobility, with road and air transport
picking up for the first time in almost two months, according to data from the
transport ministry, travel analytics firms and energy consultancies.
- Global oil demand growth will slow next year but will still be at a robust
1.7% as China recovers from COVID-related economic doldrums, the International
Energy Agency (IEA) said on Wednesday.
- Oil prices rose on Wednesday after OPEC and the International Energy Agency
(IEA) both forecast a rebound in demand over the course of next year and as U.S.
rate hikes are expected to ease alongside slowing inflation. O/R
- Italian energy group Eni ENI.MI is studying the possibility of developing
and operating a biorefinery in Malaysia together with Japan's Euglena 2931.T and
Malaysia's Petroliam Nasional Berhad (Petronas), the three groups said on Wednesday.
An investment decision for the project is expected by 2023 and the plant is targeted
to be completed by 2025.
- India's Nayara Energy Ltd, part-owned by Russian oil major Rosneft ROSN.MM,
imported about 81,000 barrels per day (bpd) of Russian oil in November, down 30%
from October, data from industry sources showed. The private refiner has cut its
overall monthly crude imports by about 28.4% as it had shut its 400,000 bpd Vadinar
refinery in western India for maintenance during the month
PRICES
MID-DISTILLATES
CASH ($/T) ASIA CLOSE Change % Change Prev RIC
Close
Spot Gas Oil 0.5% 108.8 5.03 4.85 103.77 GO-SIN
GO 0.5 Diff -5.71 0.12 -2.06 -5.83 GO-SIN-DIF
Spot Gas Oil 0.25% 113.13 5.03 4.65 108.1 GO25-SIN
GO 0.25 Diff -1.38 0.12 -8.00 -1.5
Spot Gas Oil 0.05% 115.43 5.03 4.56 110.4 GO005-SIN
GO 0.05 Diff 0.92 0.12 15.00 0.8
Spot Gas Oil 0.001% 116.14 4.95 4.45 111.19 GO10-SIN
GO 0.001 Diff 1.63 0.04 2.52 1.59
Spot Jet/Kero 111.54 6 5.69 105.54 JET-SIN
Jet/Kero Diff 1.65 0.36 27.91 1.29
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 GOSGCKMc1
Cracks M1
Gasoil 500ppm-Dubai GOSGCKMc2
Cracks M2
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 Sherry Jacob-Phillips)
((trixie.yap@thomsonreuters.com;))