Refining margins for 10 ppm sulphur gasoil fell to $22.37 a barrel, erasing early week gains.
Cash differentials fell to 70 cents per barrel.
Jet fuel refining margins likewise fell and at a faster pace to $19.35 per barrel, widening the forward month regrade to a discount of around $3 per barrel.
SINGAPORE CASH DEALS - Three gasoil deals, no jet fuel deals
INVENTORIES
- U.S. crude oil stockpiles rose last week even as oil
refineries ramped up utilization following a strong maintenance
season, while gasoline and distillate inventories fell, the
Energy Information Administration said on Wednesday. Distillate
stockpiles , which include diesel and heating oil,
fell by 2.5 million barrels in the week to 119.7 million
barrels, versus expectations for a 1.2 million-barrel drop, the
EIA data showed. Despite the draw, Midwest distillate
inventories rose to their highest since March 2022. - Inventories of middle distillates in key trading hub
Singapore spiked to the highest level since November 2021 on the
back of declining net export volumes for gasoil, official data
from Enterprise Singapore showed on Thursday. NEWS
- Marine fuel sales at the world's third-largest bunkering
hub of Fujairah in the United Arab Emirates fell to record lows
in February, based on the latest Fujairah Oil Industry Zone
data, which started being published in 2021.
- Credit Suisse on Thursday said it would borrow up
to $54 billion from the Swiss central bank to shore up its
liquidity and investor confidence after a slump in its shares
intensified fears about a global financial crisis.
- Some 43% of operational staff at TotalEnergies' French refineries and depots were on strike Thursday morning as
a walkout over the government's planned changes to its pension
system continued for a ninth day, a company spokesperson said.
- Deliveries remain blocked from the Fos refinery in
southern France operated by Exxon Mobil subsidiary Esso
for the ninth day due to the strike over the government's
planned pension reform, a union representative told Reuters.
- U.S. crude exports to China in March are headed for their
highest in nearly two-and-a-half-years, spurred by a recovery in
demand and competitive prices compared with Middle East
supplies.
- Oil prices clawed back some ground on Thursday after
sliding to 15-month lows in the previous session as markets
calmed somewhat after Credit Suisse was thrown a financial
lifeline by Swiss regulators. PRICES
MID-DISTILLATES
CASH ($/T) ASIA CLOSE Change % Change Prev RIC
Close
Spot Gas Oil 0.5% 89.84 -5.95 -6.21 95.79 GO 0.5 Diff -6.64 -0.15 2.31 -6.49 Spot Gas Oil 0.25% 89.39 -6.19 -6.48 95.58 GO 0.25 Diff -7.09 -0.39 5.82 -6.7 <GO25-SIN-DIF
>
Spot Gas Oil 0.05% 92.68 -5.95 -6.03 98.63 GO 0.05 Diff -3.8 -0.15 4.11 -3.65 <GO005-SIN-DI
F>
Spot Gas Oil 0.001% 97.18 -5.85 -5.68 103.03 GO 0.001 Diff 0.7 -0.05 -6.67 0.75 <GO10-SIN-DIF
>
Spot Jet/Kero 93.62 -6.3 -6.31 99.92 Jet/Kero Diff 0.73 0.08 12.31 0.65 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 Shilpi Majumdar)
