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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 cracks hit 2-month high as crude slips

Mon 3rd May, 2021 11:22am
SINGAPORE, May 3 (Reuters) - Asian refining margins for 10 ppm gasoil rose to their
strongest level in two months on Monday as feedstock crude prices fell, but traders were
concerned higher supplies emerging from India would likely weigh on the market in the coming
months.
    Widespread COVID-19 lockdowns in India are expected to dent its domestic fuel demand this
month, resulting in higher product exports from the country, market watchers said.  urn:newsml:reuters.com:*:nL4N2MJ1LK
    India on Monday reported more than 300,000 new coronavirus cases for a twelfth straight day,
while a leading Indian industry body urged authorities to take the "strongest national steps"
and to curtail economic activity to save lives on Sunday.  urn:newsml:reuters.com:*:nL1N2MP01V
    Refining margins for 10 ppm gasoil  GO10SGCKMc1  climbed 28 cents to $7.53 per barrel over
Dubai crude during Asian trading hours, a level not seen since March 3.
    Regional refineries, returning from seasonal maintenance, would also add to existing
supplies, while scopes for arbitrage shipments to the West remain limited with Europe struggling
to clear its supply overhang, trade sources said.
    Cash discounts for 10 ppm gasoil  GO10-SIN-DIF  widened to 19 cents per barrel to Singapore
quotes, while the May/June time spread for the industrial fuel grade in Singapore widened its
contango structure to trade at minus 10 cents per barrel on Monday.
    
    SECOND VIRUS WAVE HITS INDIA'S FUEL DEMAND 
    - Indian state refiners' local fuel sales in April declined due to state-level restrictions
aimed at stemming a rampant second wave of coronavirus infections, preliminary data shows.
 urn:newsml:reuters.com:*:nL1N2MQ03K
    - State retailers' fuel sales in April declined from their sales in March and April 2019
levels, while liquefied natural gas (LNG) cargoes are currently being diverted away from ports
in India.  urn:newsml:reuters.com:*:nL1N2MQ08P

    SINGAPORE CASH DEALS  O/AS 
    - One gasoil deal, no jet fuel trades
    
    OTHER NEWS
    - Oil dropped towards $66 a barrel on Monday as concern about demand in India and higher
OPEC+ supply offset optimism over a strong demand rebound in countries including the United
States and China.  O/R 
    
    ASSESSMENTS    
 MID-DISTILLATES                                                                         
 CASH ($/T)              ASIA CLOSE       Change   % Change   Prev Close  RIC
 Spot Gas Oil 0.5%                  69.3    -1.29      -1.83       70.59   GO-SIN 
 GO 0.5 Diff                       -1.96    -0.02       1.03       -1.94   GO-SIN-DIF 
 Spot Gas Oil 0.25%                69.45    -1.29      -1.82       70.74   GO25-SIN 
 GO 0.25 Diff                      -1.81    -0.02       1.12       -1.79   GO25-SIN-DIF 
 Spot Gas Oil 0.05%                69.66    -1.29      -1.82       70.95   GO005-SIN 
 GO 0.05 Diff                       -1.6    -0.02       1.27       -1.58   GO005-SIN-DIF 
 Spot Gas Oil 0.001%               71.07     -1.3      -1.80       72.37   GO10-SIN 
 GO 0.001 Diff                     -0.19    -0.03      18.75       -0.16   GO10-SIN-DIF 
 Spot Jet/Kero                      69.6    -1.31      -1.85       70.91   JET-SIN 
 Jet/Kero Diff                     -0.18     0.01      -5.26       -0.19   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 Ramakrishnan M.)
 ((koustav.samanta@thomsonreuters.com)(+65 6870 3503) (Reuters Messaging:
koustav.samanta.thomsonreuters.com@reuters.net))
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