The market was weighed by a downtrend in northwest Europe cracks. Furthermore, February-loading estimates of diesel exports remained sufficient at around 2 million tonnes, almost steady from January, according to a handful of China-based trading analysts. Refining margins for 10 ppm sulphur gasoil closed the trading session at $25.57 a barrel. Cash differentials for 10 ppm sulphur gasoil
Jet fuel refining margins fell at a similar pace, resulting in mostly stable regrade values at a discount of 30 cents per barrel.
Buying interest in the swaps market was supported by continuously strong jet fuel demand recovery entering March, cushioning the overall price weakness for the aviation fuel.
TENDERS - Taiwan's CPC Corp offers March-loading gasoil
SINGAPORE CASH DEALS - No gasoil or jet fuel deal
NEWS
- Indian Oil Corp IOC.NS will sign an agreement with LanzaJet to produce cleaner aviation
fuel at its Panipat refinery in northern India, the state-run refiner's Chairman S. M. Vaidya
told Reuters on Monday.
- Oil producers may have to reconsider their output policies following a demand recovery in
China, the world's second-largest oil consumer, the International Energy Agency's Executive
Director Fatih Birol said on Sunday.
- Oil prices inched up on Monday after falling 8% last week to more than three-week lows as
concerns that slower growth in major economies may limit fuel consumption outweighed signs of a
demand recovery in China, the world's top oil importer. - Russia has exported about 346,000 tonnes of ultra-low sulphur diesel (ULSD) from the
Baltic Sea port of Primorsk to Morocco, Turkey and Tunis between 1-5 February, traders and
Refinitiv data showed on Monday. No diesel cargoes are heading to Europe from the Russian Baltic
port of Primorsk since the start of February.
PRICES
MID-DISTILLATES
CASH ($/T) ASIA CLOSE Change % Change Prev RIC
Close
Spot Gas Oil 0.5% 97.56 -4.43 -4.34 101.99 GO 0.5 Diff -6.23 0 0.00 -6.23 Spot Gas Oil 0.25% 101.89 -4.43 -4.17 106.32 GO 0.25 Diff -1.9 0 0.00 -1.9 <GO25-SIN-DIF
>
Spot Gas Oil 0.05% 103.12 -4.68 -4.34 107.8 GO 0.05 Diff -0.66 -0.24 NA -0.42 <GO005-SIN-DI
F>
Spot Gas Oil 0.001% 105.95 -4.61 -4.17 110.56 GO 0.001 Diff 2.17 -0.17 -7.26 2.34 <GO10-SIN-DIF
>
Spot Jet/Kero 107.34 -4.26 -3.82 111.6 Jet/Kero Diff 3.05 0.06 2.01 2.99 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; Editing by Rashmi Aich)
