"After all, the spread is at almost a one-year low if we put it into historical perspective," one trader said.
Support also came from a large drawdown in Fujairah stock levels, which some industry sources said was expected given that buyers are taking cargoes here after the ban on Russian oil products to the EU had started.
Cash differentials posted a day-on-day decline to $1.23 a barrel as sellers were readily available for prompt end-February loading material.
Jet fuel refining margins rose to $26.39 a barrel, at a slower pace than gasoil gains, widening the regrade to a discount of 35 cents.
SINGAPORE CASH DEALS - No gasoil or jet fuel deal.
INVENTORIES - U.S. crude oil inventories fell last week, while fuel inventories rose, according to market sources citing American Petroleum Institute figures on Tuesday. Crude stocks fell by about 2.2 million barrels in the week ended Feb. 3, they said. Gasoline inventories rose by about 5.3 million barrels, while distillate stocks rose by about 1.1 million barrels, according to the sources, who spoke on condition of anonymity. - Middle distillate stock levels at Fujairah Oil Industry Zone hit a nine-month low to 1.73 million barrels for the week ended Feb. 6, according to industry information service S&P Global Commodity Insights. NEWS - A fire broke out at an oil refinery in Russia's southern Rostov region near the border with Ukraine, state media reported on Wednesday, citing the emergencies ministry. "In Rostov Region, Novoshakhtinsk city ... a message was received at 10:24 a.m. Moscow time about a fire on the territory of an oil products processing plant," the ministry said.
- India, the world's third-biggest oil importer and
consumer, has diversified its sources of energy imports but will
continue to buy most of its oil from the Middle East for a long
time, the South Asian country's oil minister said on Wednesday.
- Oil rose for a third straight day on Wednesday as investor
concern eased about U.S. interest rate hikes and an industry
report pointed to a drop in U.S. crude inventories. - Russian Deputy Prime Minister Alexander Novak said on
Wednesday that European Union moves to add what he called
"exemptions" to its price cap on oil products showed that
Russian oil was still in demand.
PRICES
MID-DISTILLATES
CASH ($/T) ASIA CLOSE Change % Change Prev Close RIC
Spot Gas Oil 0.5% 101.68 4.52 4.65 97.16 GO 0.5 Diff -6.47 0.01 -0.15 -6.48 Spot Gas Oil 0.25% 106.01 4.52 4.45 101.49 GO 0.25 Diff -2.14 0.01 -0.47 -2.15 Spot Gas Oil 0.05% 107.22 4.52 4.40 102.70 GO 0.05 Diff -0.93 0.01 -1.06 -0.94 Spot Gas Oil 0.001% 109.38 4.32 4.11 105.06 GO 0.001 Diff 1.23 -0.06 -4.65 1.29 Spot Jet/Kero 110.60 3.72 3.48 106.88 Jet/Kero Diff 2.51 -0.26 -9.39 2.77 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 Devika Syamnath)
