The downtrend was exacerbated by overnight weakness in northwest Europe cracks.
Refining margins for 10 ppm sulphur gasoil closed the session at $27.68 a barrel, close to hitting a five-month low.
Cash differentials for 10 ppm sulphur gasoil weakened to $2.78 per barrel, amid a buy-sell gap with a key oil major offering
Meanwhile, jet fuel refining margins slipped at a slower pace to $27.32 a barrel, narrowing the regrade to a discount of 36 cents a barrel.
The physical price spread between jet fuel and 10 ppm sulphur gasoil however turned positive, highlighting continuous strength in jet fuel fundamentals.
SINGAPORE CASH DEALS - No gasoil or jet fuel deal.
INVENTORIES - U.S. crude oil and fuel inventories rose last week to their highest levels since June 2021, the Energy Information Administration said on Wednesday, as demand remained weak. Distillate stockpiles , which include diesel and heating oil, rose by 2.3 million barrels in the week to 117.6 million barrels, versus expectations for a drop of 1.3 million barrels, the EIA data showed. - Singapore middle distillates stocks held by up to 14 major oil and oil storage companies, as of Feb. 1, climbed to highest since November 2021, according to data released on Thursday by Enterprise Singapore. NEWS - Gasoline consumption and imports in Indonesia, Asia's largest importer of the motor fuel, could hit records this year as the nation recovers from COVID-related travel curbs, although growth is expected to slow slightly along with its economy.
- An OPEC+ panel endorsed the oil producer group's current
output policy at a meeting on Wednesday, leaving production cuts
agreed last year in place amid hopes of higher Chinese demand
and uncertain prospects for Russian supply.
- EU countries will seek a deal on Friday on a European
Commission proposal to set price caps on Russian oil products,
after postponing a decision on Wednesday amid divisions between
member states, diplomats said.
- Sales of gasoline and gasoil by Indian state-run retailers
declined in January from the previous month as cold weather in
parts of the country hit the movement of personal and commercial
vehicles, preliminary sales data showed.
- Oil prices rebounded on Thursday after tumbling in the
previous session as a weaker dollar brought back some appetite
for risk assets and the OPEC+ decision to roll over an output
cut helped ease oversupply concerns. PRICES
MID-DISTILLATES
CASH ($/T) ASIA CLOSE Change % Change Prev RIC
Close
Spot Gas Oil 0.5% 103.24 -3.32 -3.12 106.56 GO 0.5 Diff -5.95 -0.08 1.36 -5.87 Spot Gas Oil 0.25% 107.57 -3.32 -2.99 110.89 GO 0.25 Diff -1.62 -0.08 5.19 -1.54 <GO25-SIN-DIF
>
Spot Gas Oil 0.05% 109.05 -3.32 -2.95 112.37 GO 0.05 Diff -0.14 -0.08 NA -0.06 <GO005-SIN-DI
F>
Spot Gas Oil 0.001% 111.97 -3.41 -2.96 115.38 GO 0.001 Diff 2.78 -0.17 -5.76 2.95 <GO10-SIN-DIF
>
Spot Jet/Kero 112.61 -1.73 -1.51 114.34 Jet/Kero Diff 3.17 0.52 19.62 2.65 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)
