Sellers remain readily available in the open spot market, against a backdrop of weakening oil futures, weighing on trading sentiment.
More gasoil cargoes were on offer from SK Energy for early April loading, according to market participants.
Decreases were cushioned slightly by some worries on tightening prompt supplies in northwest Europe, with strikes still ongoing.
Cash differentials for 10 ppm sulphur gasoil cargoes fell to 62 cents a barrel, the lowest since August 2022, reflecting cautious buying interest.
Jet fuel refining margins fell at a quicker pace in comparison as demand from the West was tepid, with the export arbitrage window from Asia to the West remaining closed. Regrade widened to a discount of $2.43 a barrel.
SINGAPORE CASH DEALS - No gasoil and jet fuel deal.
INVENTORIES
- U.S. crude oil stockpiles fell last week, breaking a 10-week streak of builds,
while distillate inventories rose to the highest level in over a year, the Energy
Information Administration said on Wednesday. Distillate stockpiles USOILD=ECI, which
include diesel and heating oil, rose by 0.1 million barrels in the week to 122.3 million
barrels, the highest since January 2022, the EIA data showed. Distillate demand is off
14.6% from a year ago, according to the agency. - Middle distillates stockpiles held in key trading hub Singapore are at more than a
one-month high on higher net imports for February, despite a weekly decline in net
exports, official data from Enterprise Singapore showed on Thursday. Onshore middle
distillates inventories, which mainly comprise gasoil and jet fuel/kerosene, were pegged
at 8.898 million barrels (1.194 million tonnes) in the week ended March 8, the data
added. NEWS
- TotalEnergies said on Thursday there were again no deliveries from its
French refineries due to the strike action, that started Tuesday, against the
government's planned pension reform. There were also no deliveries Esso's (ExxonMobil ) Fos-sur-Mer refinery, in southern France, a union representative told Reuters.
- Shell's emissions dipped about 10% in 2022 to 1.232 billion tonnes of CO2
equivalent as its fuel sales, including gasoline and diesel, fell around 5% to 4.2
million barrels per day, according to its annual report and Reuters calculations.
- Private Indian refiners are jostling with independents in China for Russian ESPO
crude loadingin April, pushing prices higher after Moscow lowered exports of its flagship
grade Urals, industry sources said.
- Oil fell for a third day on Thursday as fears over the economic impact of rising
interest rates offset a surprise drop in U.S. crude inventories and hopes for Chinese
demand. PRICES
MID-DISTILLATES
CASH ($/T) ASIA CLOSE Change % Change Prev RIC
Close
Spot Gas Oil 0.5% 98.11 -1.79 -1.79 99.9 GO 0.5 Diff -6.43 -0.1 1.58 -6.33 Spot Gas Oil 0.25% 98.13 -1.79 -1.79 99.92 GO 0.25 Diff -6.41 -0.1 1.58 -6.31 <GO25-SIN-DIF
>
Spot Gas Oil 0.05% 100.95 -1.79 -1.74 102.74 GO 0.05 Diff -3.59 -0.1 2.87 -3.49 <GO005-SIN-DI
F>
Spot Gas Oil 0.001% 105.16 -1.8 -1.68 106.96 GO 0.001 Diff 0.62 -0.11 -15.07 0.73 <GO10-SIN-DIF
>
Spot Jet/Kero 102.29 -1.79 -1.72 104.08 Jet/Kero Diff 0.7 -0.05 -6.67 0.75 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 Shailesh Kuber)
