off-the-wire

Asia Distillates-Gasoil margins fall for third consecutive session despite buying

Kitco Media
By Reuters
Published:
Updated:
Reuters
SINGAPORE, March 8 (Reuters) - Asia's 10 ppm sulphur gasoil margins fell for the third consecutive session to $24.59 a barrel , echoing the weakness in oil futures, despite some open market buying interest. Cash differentials fell to 73 cents per barrel as several sellers booked the bids from BP for end-March loading parcels. Mixed market sentiment was evident, as several buyers were more cautious with their bids from their previous day on regional demand uncertainty. Supply remains readily available from northeast Asia for April, with SK Energy offering an early April cargo via a tender. Jet fuel refining margins fell at a slower pace, resulting in a narrower regrade at a discount of $2.25 a barrel.


SINGAPORE CASH DEALS - Two gasoil deals, no jet fuel deal.


INVENTORIES - U.S. crude oil inventories fell last week, while fuel stockpiles rose, according to market sources citing American Petroleum Institute figures on Tuesday. Crude stocks fell by about 3.8 million barrels in the week ended March 3, they said. Gasoline inventories rose by about 1.8 million barrels, while distillate stocks rose by about 1.9 million barrels, according to the sources, who spoke on condition of anonymity. - Middle distillates stocks at Fujairah Oil Industry Zone rose to a five-week high at 2.218 million barrels in the week of March 6, according to industry information service S&P Global Commodity Insights.


NEWS - Deliveries from TotalEnergies SE's refineries are suspended due to new strike action triggered by the government's planned pension reform, a company spokesperson said on Wednesday. - Oil prices fell for a second straight session on Wednesday, driven by fears that more aggressive U.S. interest rate hikes would hit demand, while the market awaited further clarity on inventories. PRICES MID-DISTILLATES
CASH ($/T) ASIA CLOSE Change % Change Prev RIC Close
Spot Gas Oil 0.5% 99.9 -2.99 -2.91 102.89 GO 0.5 Diff -6.33 -0.01 0.16 -6.32 Spot Gas Oil 0.25% 99.92 -2.99 -2.91 102.91 GO 0.25 Diff -6.31 -0.01 0.16 -6.3 <GO25-SIN-DIF > Spot Gas Oil 0.05% 102.74 -2.99 -2.83 105.73 GO 0.05 Diff -3.49 -0.01 0.29 -3.48 <GO005-SIN-DI F> Spot Gas Oil 0.001% 106.96 -3.08 -2.80 110.04 GO 0.001 Diff 0.73 -0.1 -12.05 0.83 <GO10-SIN-DIF > Spot Jet/Kero 104.08 -2.87 -2.68 106.95 Jet/Kero Diff 0.75 -0.04 -5.06 0.79 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)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.