Major South Korean refiners begin March spot gasoil sales, sources say

S-Oil

14/02/2024 09:06

SINGAPORE, Feb 14 (Reuters) - Two of South Korea's major
refiners have started March spot gasoil discussions via the sale
tenders that close a day later, three sources familiar with the
matter said on Wednesday.
    GS Caltex  GSCAL.UL  offered one 300,000-barrel cargo each
of 10ppm sulphur, 50ppm sulphur and 5000ppm sulphur gasoil
loading March 13-15, 22-24 and 5-7, respectively. 
    Separately, SK Energy, a subsidiary of SK Innovation
 096770.KS , offered 4 spot 300,000-barrel cargoes of 10ppm
sulphur gasoil loading March 4-8, 6-10, 14-18 and 19-23. 
    These offers came in slightly later than last month due to
regional holidays, one of the three sources said. 
    It was unclear how these refiners' spot availability would
compare with February loading as it is still profitable to
produce gasoil though average crude runs could drop in March as
maintenance season will soon start, a second source said. 
    Refining margins for the fuel, known as cracks, have soared
by more than $2 a barrel in the past two weeks to above $28 a
barrel, pricing data from LSEG showed on Wednesday.
 GO10SGCKMc1  
    GS Caltex, SK Energy, S-Oil  010950.KS  and Hyundai Oilbank
 INPTVH.UL  sold at least 16 300,000-450,000-barrel 10ppm
sulphur gasoil cargoes for February-loading earlier at prices
ranging between a small premium to a discount of up to $3 linked
to Singapore price quotes, Reuters tender records showed.  
    These companies typically do not give official comments on
commercial matters. 
    


 (Reporting by Trixie Yap; Editing by Mrigank Dhaniwala)
 ((trixie.yap@thomsonreuters.com;))