off-the-wire

Asia Distillates-Gasoil margins hit three-week high on positive outlook

Kitco Media
By Reuters
Published:
Updated:
Reuters
SINGAPORE, March 3 (Reuters) - Asia's 10-ppm sulphur gasoil margins firmed for the third consecutive week to $25.78 a barrel on Friday, tracking positive outlooks ahead of lower Chinese export expectations for March. Improving domestic demand in China the past two weeks and even lower export volume expectations supported margins. Separately, more discussions were likely to emerge a week later, as a portion of northeast Asian refiners will start issuing tenders to sell April cargoes. Cash differentials for 10 ppm sulphur gasoil also firmed to 89 cents per barrel, with a handful of buyers seeking March cargoes. Jet fuel refining margins likewise rebounded to a three-week high of $23.68 per barrel, reflecting the same sentiment for gasoil margins. A recovery in local Chinese demand buoyed cracks for the aviation fuel. Regrade was almost steady at a discount of $2.10 a barrel, from $2 per barrel a day earlier.


SINGAPORE CASH DEALS - No gasoil or jet fuel deal.


TEDNERS - Taiwan's FPCC sells end-April loading gasoil at more than $1 per bbl discount


INVENTORIES - Gasoil stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage area fell slightly after 4-weeks of gains, data from Dutch consultancy Insights Global showed on Thursday. Gasoil stocks fell 2.3% to 2.52 million tonnes, on slowing imports and as demand up the Rhine river rose to its highest since mid-January, said Insights Global's Lars van Wageningen. NEWS - Oil prices held steady on Friday, poised for a weekly gain as renewed optimism on China's demand recovery overrode recession worries brought by growing crude inventories in the U.S. and tightening monetary policy in Europe. PRICES MID-DISTILLATES
CASH ($/T) ASIA CLOSE Change % Change Prev Close RIC Spot Gas Oil 0.5% 102.25 1.31 1.30 100.94 GO 0.5 Diff -6.41 0.09 -1.38 -6.5 Spot Gas Oil 0.25% 102.27 1.31 1.30 100.96 GO 0.25 Diff -6.39 0.09 -1.39 -6.48 Spot Gas Oil 0.05% 105.09 1.31 1.26 103.78 GO 0.05 Diff -3.57 0.09 -2.46 -3.66 Spot Gas Oil 0.001% 109.55 1.32 1.22 108.23 GO 0.001 Diff 0.89 0.1 12.66 0.79 Spot Jet/Kero 106.5 0.61 0.58 105.89 Jet/Kero Diff 0.68 -0.14 -17.07 0.82 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 Varun H K)

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