Refining margins for 10 ppm sulphur gasoil closed the week at $22.05 per barrel, sliding by 6% week-on-week.
Cash differentials for 10 ppm sulphur gasoil eased to $1.24 a barrel. "China's February-loading exports are assessed at 638,000 tonnes so far and are forecast to rebound to 2.4 million tonnes as refiners raise runs and increase gasoil production," said Zameer Yusof, senior analyst for middle distillates at Refinitv Oil Research.
Meanwhile, jet fuel refining margins fell by 11% week-on-week, closing the session at $19.80 per barrel.
The regrade spread widened further on Friday to a discount of $2.25 per barrel.
SINGAPORE CASH DEALS - One gasoil deal, no jet fuel trade. INVENTORIES Gasoil stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage area hit a new two-year high last week, data from Dutch consultancy Insights Global showed on Thursday. Gasoil stocks are at their highest since March 2021 on the back of ample imports, including from East Asia and India, said Insights Global's Lars van Wageningen. At the same time, inland gasoil demand along the river Rhine was low, with tanks filled up because of an import ban on Russian fuel that came in on Feb. 5. NEWS
- Oil prices were on track for weekly losses of 2.5% as strong U.S. economic data heightened concerns that the Federal Reserve would further tighten monetary policy to tackle inflation, a move that could hit fuel demand. - China is expected to import a record amount of crude oil in 2023 due to increased demand for fuel as people travel more following the dismantling of COVID-19 controls and as a result of new refineries coming onstream, analysts said. - Indian state refiners' gasoline and gasoil sales rose in the first two weeks of February from the same period last month, preliminary sales data shows, as transport of goods picked up and people drove out more drawn by slightly warmer weather.
- Boeing Co will more than double its purchases of blended sustainable aviation fuel (SAF) this year to 5.6 million gallons (21.2 million liters) to support its U.S. commercial operations, the planemaker said.
- BP will buy truck fueling provider TravelCenters of America Inc for about $1.3 billion, the companies said on Thursday, as the British energy giant seeks to expand its retail network in a bet on biofuels and electric vehicle charging.
PRICES
MID-DISTILLATES
CASH ($/T) ASIA CLOSE Change % Change Prev RIC
Close
Spot Gas Oil 0.5% 96.83 -4.71 -4.64 101.54 GO 0.5 Diff -6.36 -0.16 2.58 -6.20 Spot Gas Oil 0.25% 97.58 -5.10 -4.97 102.68 GO 0.25 Diff -5.61 -0.55 10.87 -5.06 Spot Gas Oil 0.05% 99.75 -5.10 -4.86 104.85 GO 0.05 Diff -3.44 -0.55 19.03 -2.89 Spot Gas Oil 0.001% 104.42 -4.61 -4.23 109.03 GO 0.001 Diff 1.24 -0.05 -3.88 1.29 Spot Jet/Kero 102.40 -4.57 -4.27 106.97 Jet/Kero Diff 1.47 -0.13 -8.12 1.60 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 Jeslyn Lerh; Editing by Devika Syamnath)
