off-the-wire

South Korea's GS Caltex offers March jet fuel - sources

Kitco Media
By Reuters
Published:
Updated:
Reuters
SINGAPORE, Feb 3 (Reuters) - South Korea's GS Caltex has issued a tender to sell March-loading jet fuel cargoes, three sources close to the matter said on Friday. This comes after earlier market expectations that the company is maximising jet fuel production, instead of gasoil, to capitalise on better margins for the heating and aviation fuel.


Regrade , the discount between jet fuel and 10 ppm sulphur gasoil, has been steadily narrowing since mid- January, data from Refinitiv Eikon showed.


The refiner is looking to sell three cargoes via the tender that closes on Feb. 3, the sources said, adding bids will remain valid until the end of the day. These cargoes will load on March 7-9, 10-12 and 20-22.


The company had previously sold four February-loading jet fuel cargoes at premiums of $1 to $3 per barrel to Singapore quotes to buyers in the United States and Japan.


GS Caltex was not immediately available for comment. (Reporting by Trixie Yap; editing by Eileen Soreng)

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