Refining margins for 10 ppm sulphur gasoil closed the week's session at $23.50 per barrel.
Cash differentials for 10 ppm sulphur gasoil fell to $1.17 a barrel.
Jet fuel refining margins fell at a quicker pace, following talks of ready March supply from at least two Korean refiners.
As a result, regrade fell by more than five times to a discount of $1.28 per barrel.
SINGAPORE CASH DEALS - No gasoil or jet fuel deal.
TENDERS - Malaysia's Petron seeks prompt February gasoil
INVENTORIES - Gasoil stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage area rose by over 7% to their highest since early March 2021, data from Dutch consultancy Insights Global showed on Thursday. Gasoil stocks reached 2.5 million tonnes, rising as importers in the region increased Russian purchases before an EU ban on Russian oil product imports came into force on Feb. 5, said Insights Global's Lars van Wageningen. NEWS - Oil prices jumped more than 2% on Friday, heading for weekly gains, as Russia announced plans to reduce production next month after the West imposed price caps on the country's oil and oil products. - Exxon Mobil Corp said on Thursday it is merging some business units as part of an effort to cut annual costs by $9 billion by 2023 from 2019 levels. - Saudi Aramco has told at least four customers in North Asia they will receive full contract volumes of crude oil in March, several sources with knowledge of the matter said on Friday. - China's February gasoline exports may fall a second straight month to hit their lowest in eight years as domestic consumption rebounds after the nation emerged from COVID lockdowns, industry and market sources said, likely buoying Asian refining margins.
- Russia will cut oil production by 500,000 barrels per day
in March, Deputy Prime Minister Alexander Novak said on Friday,
after the West imposed price caps on Russian oil and oil
products.
PRICES
MID-DISTILLATES
CASH ($/T) ASIA CLOSE Change % Change Prev RIC
Close
Spot Gas Oil 0.5% 99.46 -2.53 -2.48 101.99 GO 0.5 Diff -6.49 -0.18 2.85 -6.31 Spot Gas Oil 0.25% 103.79 -2.53 -2.38 106.32 GO 0.25 Diff -2.16 -0.18 9.09 -1.98 <GO25-SIN-DIF
>
Spot Gas Oil 0.05% 105 -2.53 -2.35 107.53 GO 0.05 Diff -0.95 -0.18 NA -0.77 <GO005-SIN-DI
F>
Spot Gas Oil 0.001% 107.12 -2.51 -2.29 109.63 GO 0.001 Diff 1.17 -0.16 -12.03 1.33 <GO10-SIN-DIF
>
Spot Jet/Kero 106.68 -5.04 -4.51 111.72 Jet/Kero Diff 2.13 -0.84 -28.28 2.97 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)
