Regional industry sources have pegged February-loading gasoil export volumes from China stable-to-firm from January estimates at 1.9 million tonnes to 2.35 million tonnes. Refining margins for 10 ppm sulphur gasoil closed the trading session at $33.39 a barrel.
Cash differentials for 10 ppm sulphur gasoil however firmed on some strong buying interest for mid-February parcels.
Regrade went back to a discount of 30 cents a barrel from a premium on the back of a sell-off, with some participants believing the uptrend to be overdone a week earlier.
Furthermore, China's February-loading exports of the aviation fuel were estimated at around 1.4 million tonnes - almost steady from January. Decreases in jet fuel refining margins were cushioned by some opportunistic demand from the U.S. amid an opened export arbitrage window for Asian cargoes. At least two cargoes from South Korea were sold to the U.S. for February loading, according to industry sources.
SINGAPORE CASH DEALS - Two gasoil deals, no jet fuel deal.
TENDERS - South Korean refiners sell end-Feb jet fuel at premiums
- India's IOC offers Feb high-speed diesel, light cycle oil
NEWS
- A proposed EU price cap on Russian diesel may be high enough to allow Moscow to
continue exporting the fuel, but in practice could deter big Asian buyers who have become
used to buying cheap Russian crude to refine it themselves, analysts say.
- Oil fell on Monday, giving up earlier gains, as looming interest rate hikes by
major central banks and signs of strong Russian exports offset rising Middle East tension
over a drone attack in Iran and hopes of higher Chinese demand. - The Texas oil regulator on Sunday advised oil and gas pipeline operators to secure
equipment and facilities after forecasts for severe weather over the next several days.
- Passenger trips during Chinese spring festival travel rush reached 892 million from
Jan. 7-29, down 46.9% from 2019 but up 56% from 2022, a transport ministry official said
on Monday at a press conference.
PRICES
MID-DISTILLATES
CASH ($/T) ASIA CLOSE Change % Change Prev RIC
Close
Spot Gas Oil 0.5% 108.89 -5.17 -4.53 114.06 GO 0.5 Diff -5.69 0.18 -3.07 -5.87 Spot Gas Oil 0.25% 113.22 -5.17 -4.37 118.39 GO 0.25 Diff -1.36 0.18 -11.69 -1.54 <GO25-SIN-DIF
>
Spot Gas Oil 0.05% 114.7 -5.17 -4.31 119.87 GO 0.05 Diff 0.12 0.18 -300.00 -0.06 <GO005-SIN-DI
F>
Spot Gas Oil 0.001% 117.57 -5.07 -4.13 122.64 GO 0.001 Diff 2.99 0.29 10.74 2.7 <GO10-SIN-DIF
>
Spot Jet/Kero 117.14 -5.15 -4.21 122.29 Jet/Kero Diff 2.19 0.09 4.29 2.1 For a list of derivatives prices, including margins, please
double click the RICs below.
Brent M1 Gasoil M1 Gasoil M1/M2 Gasoil M2 Regrade M1 Regrade M2 Jet M1 Jet M1/M2 Jet M2 Gasoil 500ppm-Dubai Cracks M1
Gasoil 500ppm-Dubai Cracks M2
Jet Cracks M1 Jet Cracks M2 East-West M1 East-West M2 LGO M1 LGO M1/M2 LGO M2 Crack LGO-Brent M1 Crack LGO-Brent M2 (Reporting by Trixie Yap)
