Cash differentials for 10 ppm sulphur gasoil were valued at $2.95 a barrel.
March and April cargoes were being snapped up under private discussions as well by the same buyer, with some participants believing there could be location swap demand present for arbitrage trade.
Exact details, however, could not be ascertained. This was amid much lower stock levels in the United States and Fujairah. However, refining margins for 10 ppm sulphur gasoil declined for the fifth consecutive trading session to around $31 a barrel, amid upstream stronger oil futures performance.
Jet fuel refining margins likewise trended lower and at a faster pace to $30.32 a barrel, resulting in narrower regrade values at a discount of 70 cents. The market came under slight pressure after continuous selling interest emerged over the past two weeks for prompt February loading jet fuel from northeast Asia refiners.
SINGAPORE CASH DEALS - One gasoil deal, no jet fuel deal.
INVENTORIES
- U.S. crude oil and fuel inventories rose last week,
according to market sources, citing American Petroleum Institute
figures on Tuesday. Crude stocks rose by about 6.3 million
barrels in the week ended Jan. 27, they said. Gasoline
inventories rose by about 2.7 million barrels, while distillate
stocks rose by about 1.5 million barrels, according to the
sources, who spoke on condition of anonymity. - Stocks of middle distillates at Fujairah Oil Industry Zone
hit an eight-month low at 2.333 million barrels for the week
ended Jan. 30, according to industry information service S&P
Global Commodity Insights. NEWS
- China's factory activity shrank more slowly in January
than in the previous month thanks to the end of the country's
zero-COVID policy, though infections among workers still
hampered production, a private sector survey showed on
Wednesday.
- Russia's exports of ultra-low sulphur diesel (ULSD) from
the Baltic Sea port of Primorsk are set to rise by 4.6%
month-on-month on a daily basis in February to 1.71 million
tonnes, from 1.81 million tonnes scheduled for January, two
traders said on Wednesday.
- Russian oil product exports from the Black Sea port of
Tuapse in February are set to rise by 8.8% month-on-month on a
daily basis to 1.310 million tonnes, versus 1.333 million tonnes
scheduled for January, two traders said on Wednesday.
- Oil prices were broadly stable as the market is looking
towards a meeting of OPEC and its allies as well as a Federal
Reserve rate decision and U.S. government data on crude and fuel
stockpiles on Wednesday. PRICES
MID-DISTILLATES
CASH ($/T) ASIA CLOSE Change % Change Prev RIC
Close
Spot Gas Oil 0.5% 106.56 0.69 0.65 105.87 GO 0.5 Diff -5.87 -0.06 1.03 -5.81 Spot Gas Oil 0.25% 110.89 0.69 0.63 110.2 GO 0.25 Diff -1.54 -0.06 4.05 -1.48 <GO25-SIN-DIF
>
Spot Gas Oil 0.05% 112.37 0.69 0.62 111.68 GO 0.05 Diff -0.06 -0.06 NA 0 <GO005-SIN-DI
F>
Spot Gas Oil 0.001% 115.38 0.81 0.71 114.57 GO 0.001 Diff 2.95 0.06 2.08 2.89 <GO10-SIN-DIF
>
Spot Jet/Kero 114.34 0.56 0.49 113.78 Jet/Kero Diff 2.65 0.25 10.42 2.4 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)
