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$16.82 -0.7  -4.1%

Last Trade - 18/06/21

Sector
Technology
Size
Large Cap
Market Cap £5.98bn
Enterprise Value £6.81bn
Revenue £17.47bn
Position in Universe 1062nd / 6927

Asia Distillates-Gasoil cash discounts narrow

Wed 5th May, 2021 12:33pm
SINGAPORE, May 5 (Reuters) - Asia's cash differentials for 10 ppm gasoil firmed on
Wednesday, thanks to active buying interest in the physical market, but adequate availability of
supplies is expected to dent any steep upside in coming weeks.
    Cash differentials for gasoil with 10 ppm sulphur content  GO10-SIN-DIF  were at a discount
of 16 cents per barrel to Singapore quotes, compared with a 19-cent discount on Tuesday.
    Several states in India have reimposed lockdowns to curb a massive second wave of
coronavirus infections, and traders expect a surge in gasoil exports from the country as its
domestic demand slumps further this month. 
    "The energy demand from India has already shown signs of weakening amid climbing infections,
and the situation could worsen without effective measures to contain the viral spread and lack
of vaccines," said Margaret Yang, a strategist at Singapore-based DailyFX.
    India accounted for nearly half of the COVID-19 cases reported worldwide last week, the
World Health Organization said on Wednesday, while at least three states in the country have
reported a scarcity of vaccines, shutting down some inoculation centres.  urn:newsml:reuters.com:*:nL1N2MS065
    Refining profit margins for 10 ppm gasoil  GO10SGCKMc1  inched up 8 cents on Wednesday to
7.55 per barrel over Dubai crude during Asian trading hours.
    
    INDIA FUEL EXPORTS
    - India's diesel exports soared 45.5% to 3.07 million tonnes in March from 2.11 million
tonnes in February, according to government data released on Tuesday. The March exports were
3.7% higher year-on-year, the data showed.  urn:newsml:reuters.com:*:nL4N2MR1IJ
    - The country exported about 410,000 tonnes of jet fuel in March, compared with 430,000
tonnes in February and 490,000 tonnes in March 2020, data showed.
    - Preliminary data showed Indian state refiners' local fuel sales have declined in April.
 urn:newsml:reuters.com:*:nL1N2MQ03K 
    
    INVENTORIES
    - Middle-distillate inventories in the Fujairah Oil Industry Zone jumped 31.1% to 3.9
million barrels in the week ended May 3, data via S&P Global Platts showed.  FUJAIRAH/ 
    - The weekly stocks in Fujairah have averaged 3.9 million barrels so far this year, compared
with 4.2 million barrels in 2020, Reuters calculations showed.
    - U.S. distillate fuel inventories, which include diesel and heating oil, fell by 3.5
million barrels in the week to April 30, according to two market sources, citing American
Petroleum Institute (API) figures.  API/S 

    SINGAPORE CASH DEALS  O/AS 
    - Two gasoil deals, no jet fuel trades
    
    OTHER NEWS
    - Oil prices rose for a third day on Wednesday as easing of lockdowns in the United States
and parts of Europe heralded a boost in fuel demand in summer season and offset concerns about
the rise of COVID-19 infections in India and Japan.  O/R 
    
    ASSESSMENTS
 MID-DISTILLATES                                                                        
 CASH ($/T)             ASIA CLOSE       Change   % Change   Prev Close  RIC
 Spot Gas Oil 0.5%                 72.7     1.97       2.79       70.73   GO-SIN 
 GO 0.5 Diff                       -1.9     0.05      -2.56       -1.95   GO-SIN-DIF 
 Spot Gas Oil 0.25%               72.85     1.97       2.78       70.88   GO25-SIN 
 GO 0.25 Diff                     -1.75     0.05      -2.78        -1.8   GO25-SIN-DIF 
 Spot Gas Oil 0.05%               73.06     1.97       2.77       71.09   GO005-SIN 
 GO 0.05 Diff                     -1.54     0.05      -3.14       -1.59   GO005-SIN-DIF 
 Spot Gas Oil 0.001%              74.44     1.95       2.69       72.49   GO10-SIN 
 GO 0.001 Diff                    -0.16     0.03     -15.79       -0.19   GO10-SIN-DIF 
 Spot Jet/Kero                    73.28     2.06       2.89       71.22   JET-SIN 
 Jet/Kero Diff                     0.13     0.04      44.44        0.09   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     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 Koustav Samanta; Editing by Shailesh Kuber)
 ((koustav.samanta@thomsonreuters.com)(+65 6870 3503) (Reuters Messaging:
koustav.samanta.thomsonreuters.com@reuters.net))
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