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Asia Distillates-Gasoil cracks post sixth straight weekly gain

Fri 7th May, 2021 11:16am
SINGAPORE, May 7 (Reuters) - Asian refining margins for 10 ppm gasoil posted their sixth
consecutive weekly rise on Friday as spring refinery turnarounds tightened regional supplies.
    Refining margins, also known as cracks, for 10 ppm gasoil  GO10SGCKMc1  remained unchanged
at $7.57 per barrel over Dubai crude during Asian trading hours. 
    The cracks have gained 4.4% this week, and have risen about 15% in the last month, Refinitiv
Eikon data showed.
    The gasoil market, however, is expected to come under pressure in the coming weeks as
refineries returning from maintenance ramp up production, while coronavirus lockdowns in India
and Japan dampen demand for the industrial fuel.
    India reported another record daily rise in coronavirus cases on Friday, and traders expect
wider impending lockdowns would result in soaring fuel exports from the country.  urn:newsml:reuters.com:*:nL4N2MU1CU
    Cash differentials for gasoil with 10 ppm sulphur content  GO10-SIN-DIF  were at a discount
of 10 cents per barrel to Singapore quotes on Friday, while the May/June time spread for the
benchmark gasoil grade  GO10SGSPDMc0  traded at a narrow contango of minus 1 cent a barrel.
    
    CHINA'S APRIL OIL IMPORTS FALL 
    - China's crude oil imports in April fell 0.2% from a year earlier as refiners curbed
production to relieve a squeeze in profit margins brought about by rising crude oil prices and
bulging inventories.  urn:newsml:reuters.com:*:nL1N2MU053
    - The world's biggest crude oil buyer brought in 40.36 million tonnes of crude oil in April,
or 9.82 million barrels per day (bpd), data from the General Administration of Customs showed.
That was the lowest since December and was down from 11.69 million bpd of imports in March.
    
    ARA INVENTORIES
    - Gasoil stocks held independently in the Amsterdam-Rotterdam-Antwerp (ARA) refining and
storage hub  STK-GO-ARA  slipped 0.8% to 2.2 million tonnes in the week ended May 6, data from
Dutch consultancy Insights Global showed.  ARA/ 
    - ARA jet fuel inventories  STK-JET-ARA  dropped 3.5% on-week to 946,000 tonnes.
    
    SINGAPORE CASH DEALS  O/AS 
    - No gasoil deals, no jet fuel trades
    
    OTHER NEWS
    - Oil prices steadied on Friday and were set for a weekly gain against the backdrop of
optimism over a global economic recovery, though the COVID-19 crisis in India capped prices.
 O/R 
    
    ASSESSMENTS
 MID-DISTILLATES                                                                        
 CASH ($/T)             ASIA CLOSE       Change   % Change   Prev Close  RIC
 Spot Gas Oil 0.5%                70.98    -1.17      -1.62       72.15   GO-SIN 
 GO 0.5 Diff                       -1.9    -0.01       0.53       -1.89   GO-SIN-DIF 
 Spot Gas Oil 0.25%               71.13    -1.17      -1.62        72.3   GO25-SIN 
 GO 0.25 Diff                     -1.75    -0.01       0.57       -1.74   GO25-SIN-DIF 
 Spot Gas Oil 0.05%               71.34    -1.17      -1.61       72.51   GO005-SIN 
 GO 0.05 Diff                     -1.54    -0.01       0.65       -1.53   GO005-SIN-DIF 
 Spot Gas Oil 0.001%              72.78    -1.12      -1.52        73.9   GO10-SIN 
 GO 0.001 Diff                     -0.1     0.04     -28.57       -0.14   GO10-SIN-DIF 
 Spot Jet/Kero                    71.29    -1.35      -1.86       72.64   JET-SIN 
 Jet/Kero Diff                     0.12    -0.02     -14.29        0.14   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 Subhranshu Sahu)
 ((koustav.samanta@thomsonreuters.com)(+65 6870 3503) (Reuters Messaging:
koustav.samanta.thomsonreuters.com@reuters.net))
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