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Asia Distillates-Gasoil cash premiums rise, cracks climb further

Thu 20th May, 2021 12:05pm
SINGAPORE, May 20 (Reuters) - Asia's cash premiums for 10 ppm gasoil inched up on Thursday
after middle distillate inventories in Singapore dropped to a two-week low, while the front
month spread for the industrial fuel held near its widest backwardation in three months.
    Cash differentials for gasoil with 10 ppm sulphur content  GO10-SIN-DIF  were at a premium
of 17 cents per barrel to Singapore quotes, compared with 16 cents per barrel a day earlier.
    The front-month time spread for 10 ppm gasoil  GO10SGSPDMc1  were at 16 cents per barrel on
Thursday, as against 13 cents a barrel on Wednesday.
    Refining margins, or cracks, for 10 ppm gasoil  GO10SGCKMc1  jumped to $8.98 per barrel over
Dubai crude during Asian trading hours, the strongest since April 2020. 
    But any further upside to the gasoil market fundamentals would likely be limited as several
countries in the region have renewed or extended lockdowns to contain fresh waves of COVID-19
infections, trade sources said.
    
    PETROCHINA SHIPS JET FUEL TO JUNTA-RULED MYANMAR
    - PetroChina International Singapore Pte Ltd sold a cargo of jet fuel into Myanmar in April,
according to government import data reviewed by Reuters, the first such shipment since before
the military seized power in a coup in February.  urn:newsml:reuters.com:*:nL2N2N70GU
    - Industry sources say suppliers have been particularly wary of selling jet fuel because it
could be used in planes to bomb ethnic armed groups that have been supporting anti-junta
protesters, as well as in civilian airliners.
    
    INVENTORIES
    - Singapore's middle distillate inventories slipped 2.5% to 13.6 million barrels in the week
to May 19, according to Enterprise Singapore data.  O/SING1 
    - Weekly Singapore middle distillate inventories have averaged 14.1 million barrels so far
this year, compared with an average of 13.9 million barrels in 2020, Reuters calculations
showed. This week's stocks were 3.8% lower than a year earlier.
    - U.S. distillate stockpiles fell by 2.3 million barrels in the week to May 14, versus
expectations for a 386,000-barrel drop, the Energy Information Administration said on Wednesday.
 EIA/S 
    
    TENDERS  MDIS/TENDA 
    - Bahrain Petroleum Co (Bapco) was ofering 40,000 to 60,000 tonnes of 10ppm gasoil for
loading over June 18-21, an industry source said.
    
    SINGAPORE CASH DEALS  O/AS 
    - One gasoil deal, one jet fuel trade
    
    OTHER NEWS
    - Indian refiners and at least one European refiner are re-evaluating their crude purchases
to make room for Iranian oil in the second half of this year, anticipating that U.S. sanctions
will be lifted, company officials and trading sources said.  urn:newsml:reuters.com:*:nL2N2N7034
    - Australia's biggest fuel supplier, Ampol Ltd  ALD.AX , said on Thursday it would invest at
least A$100 million ($77 million) on developing new fuels over the next five years, including
green hydrogen and increased electric vehicle charging.  urn:newsml:reuters.com:*:nL3N2N64IA
    
    ASSESSMENTS
 MID-DISTILLATES                                                                          
 CASH ($/T)             ASIA CLOSE       Change   % Change   Prev Close  RIC
 Spot Gas Oil 0.5%                71.12    -0.81      -1.13       71.93   GO-SIN 
 GO 0.5 Diff                      -2.19    -0.15       7.35       -2.04   GO-SIN-DIF 
 Spot Gas Oil 0.25%               71.33    -0.75      -1.04       72.08   GO25-SIN 
 GO 0.25 Diff                     -1.98    -0.09       4.76       -1.89   GO25-SIN-DIF 
 Spot Gas Oil 0.05%               71.46    -0.75      -1.04       72.21   GO005-SIN 
 GO 0.05 Diff                     -1.85    -0.09       5.11       -1.76   GO005-SIN-DIF 
 Spot Gas Oil 0.001%              73.48    -0.65      -0.88       74.13   GO10-SIN 
 GO 0.001 Diff                     0.17     0.01       6.25        0.16   GO10-SIN-DIF 
 Spot Jet/Kero                    70.81    -0.75      -1.05       71.56   JET-SIN 
 Jet/Kero Diff                    -0.14    -0.11     366.67       -0.03   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 Uttaresh.V)
 ((koustav.samanta@thomsonreuters.com)(+65 6870 3503)(Reuters Messaging:
koustav.samanta.thomsonreuters.com@reuters.net))
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