Sufficient supply for March is still expected, with China majors likely to keep exports elevated amid increased crude runs.
A handful of northeast Asian refiners were also concluding their March deals via open tenders.
Cash differentials went up to $1.33 per barrel because of strong buying interest from Vitol, despite readily available offers from end-February to March from other traders.
Jet fuel refining margins surged at a quicker pace, narrowing the regrade to a discount of 20 cents, as strong demand expectation continued to buoy market sentiment.
Several analysts estimate jet fuel demand growth to be the quickest among all oil products following the lifting of COVID restrictions in China.
SINGAPORE CASH DEALS - Two gasoil deals, no jet fuel deal.
TENDERS - South Korea's SK Energy reissues March loading gasoil tender - Taiwan refiners sell March gasoil at small discounts
INVENTORIES
- U.S. crude oil stocks rose last week to their highest
level since June 2021, helped by higher production, the Energy
Information Administration said on Wednesday. Distillate
stockpiles , which include diesel and heating oil,
rose by 2.9 million barrels in the week to 120.5 million
barrels, its highest in a year, EIA data showed. Analysts had
expected a 0.1 million-barrel rise. - Singapore middle distillates stocks held by up to 14 major
oil and oil storage companies drop to a seven-week low of 7.607
million barrels as of Feb. 8, according to data released on
Thursday by Enterprise Singapore. NEWS
- South Korea's anti-trust regulator said on Thursday it
would impose a combined fine of 42.3 billion won ($33.48
million) on three German automakers for colluding to rig
emissions of its diesel cars using software.
- Oil prices were broadly steady on Thursday as the prospect
of higher fuel demand in China as it reopens post-COVID curbs
was offset by fears that U.S. crude stocks hitting their highest
for months may signal weakening demand in the world's no. 1
economy. PRICES
MID-DISTILLATES
CASH ($/T) ASIA CLOSE Change % Change Prev RIC
Close
Spot Gas Oil 0.5% 101.99 0.31 0.30 101.68 GO 0.5 Diff -6.31 0.16 -2.47 -6.47 Spot Gas Oil 0.25% 106.32 0.31 0.29 106.01 GO 0.25 Diff -1.98 0.16 -7.48 -2.14 <GO25-SIN-DIF
>
Spot Gas Oil 0.05% 107.53 0.31 0.29 107.22 GO 0.05 Diff -0.77 0.16 NA -0.93 <GO005-SIN-DI
F>
Spot Gas Oil 0.001% 109.63 0.25 0.23 109.38 GO 0.001 Diff 1.33 0.1 8.13 1.23 <GO10-SIN-DIF
>
Spot Jet/Kero 111.72 1.12 1.01 110.6 Jet/Kero Diff 2.97 0.46 18.33 2.51 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)
