Fundamentals were pressured by ample supplies, with at least two producers out in the market with spot cargoes for March.
China's February exports are still estimated at around 2 million tonnes, according to several consultancies and China-based trading sources.
Temporary supply disruptions in northwest Europe for the fuel cushioned decreases.
Cash differentials also came under pressure, with numerous offers readily available in the open market for both prompt and March parcels.
Jet fuel refining margins likewise went on a downtrend, but strong demand outlooks and limited China export volumes capped weakness. As a result, regrade narrowed to a discount of 20 cents.
SINGAPORE CASH DEALS - One gasoil deal, no jet fuel deal TENDERS - Taiwan's FPCC offers March-loading gasoil
REFINERY MAINTENANCE - India's Mangalore Refinery and Petrochemicals Ltd (MRPL) will shut its Phase-3 units for planned maintenance
from mid-August until the end of September, its managing
director told Reuters on Tuesday. The refiner's Phase-3 project
comprises a 60,000-bpd crude unit and some secondary units.
INVENTORIES
- U.S. crude oil and gasoline stockpiles likely increased
last week, while distillate inventories were seen dipping, a
preliminary Reuters poll showed on Monday. Analysts estimated
that stockpiles of gasoline rose by about 1.4
million barrels last week. NEWS
- A national strike against planned pension reforms reduced
France's power supply and disrupted petrol deliveries from
French refineries on Tuesday. On the refining side, the shipping
of petrol products from French sites was interrupted by the
strike, TotalEnergies said. The company added that
there was no shortage of petrol at fuelling stations and supply
levels were generally satisfactory.
- Oil prices rose for a second straight session on Tuesday,
driven by optimism about recovering demand in China, and
concerns over supply shortages following the shutdown of a major
export terminal after an earthquake in Turkey. - Turkey's Ceyhan port was ready to resume Iraqi crude oil
loadings from storage on Tuesday, but bad weather was preventing
vessels from berthing, a trade source with direct knowledge
said. Meanwhile, Iraq's crude oil pipeline to Turkey's Ceyhan
port was still halted, the Kurdistan Regional Government's (KRG)
energy ministry (MNR) said.
PRICES
MID-DISTILLATES
CASH ($/T) ASIA CLOSE Change % Change Prev RIC
Close
Spot Gas Oil 0.5% 97.16 -0.4 -0.41 97.56 GO 0.5 Diff -6.48 -0.25 4.01 -6.23 Spot Gas Oil 0.25% 101.49 -0.4 -0.39 101.89 GO 0.25 Diff -2.15 -0.25 13.16 -1.9 <GO25-SIN-DIF
>
Spot Gas Oil 0.05% 102.7 -0.42 -0.41 103.12 GO 0.05 Diff -0.94 -0.28 NA -0.66 <GO005-SIN-DI
F>
Spot Gas Oil 0.001% 105.06 -0.89 -0.84 105.95 GO 0.001 Diff 1.29 -0.88 -40.55 2.17 <GO10-SIN-DIF
>
Spot Jet/Kero 106.88 -0.46 -0.43 107.34 Jet/Kero Diff 2.77 -0.28 -9.18 3.05 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)
