The widening spreads have encouraged buyers to come back into the market, following earlier talks that refiners may consider switching production to gasoil instead of jet fuel given the better cracks.
Separately, cracks for 10-ppm sulphur gasoil continued to post losses for a third consecutive session to $23.92 per barrel.
Cash premiums firmed only slightly to $1.03 per barrel amid a buy-sell gap. Losses in jet fuel refining margins slowed down and closed the trading session at $19.97 per barrel.
SINGAPORE CASH DEALS - One gasoil deal, no jet fuel deal.
TENDERS - South Korea's SK Energy offers more April gasoil.
INVENTORIES - U.S. crude oil inventories rose last week, while fuel stockpiles fell, according to market sources citing, American Petroleum Institute figures on Tuesday. Crude stocks rose by about 3.3 million barrels in the week ended March 17, they said. Gasoline inventories fell by about 1.1 million barrels, while distillate stocks fell by about 1.8 million barrels, according to the sources, who spoke on condition of anonymity. - Middle distillate stockpiles at Fujairah Oil Industry Zone rose to a one-month high for the week ended March 20, according to industry information service S&P Global Commodity Insights. NEWS - In the oldest refining town in the American West, Phillips 66 is promising a greener future as it moves to halt crude-oil processing and build a massive renewable diesel plant, leading a global trend.
- Oil slipped in Asian trade on Wednesday, after two straight days of gains, as an industry report showed U.S. crude inventories rose unexpectedly last week in a sign demand may be weakening. - A plunge in Brent crude prices has narrowed the spread between Atlantic Basin and Middle East benchmarks but has failed to spur interest from Asian refiners, which are instead buying up discounted Russian oil, leaving an overhang in African supply.
PRICES
MID-DISTILLATES
CASH ($/T) ASIA CLOSE Change % Change Prev RIC
Close
Spot Gas Oil 0.5% 92.64 0.44 0.48 92.2 GO 0.5 Diff -6.35 0.04 -0.63 -6.39 Spot Gas Oil 0.25% 92.19 0.44 0.48 91.75 GO 0.25 Diff -6.8 0.04 -0.58 -6.84 <GO25-SIN-DIF
>
Spot Gas Oil 0.05% 95.83 0.44 0.46 95.39 GO 0.05 Diff -3.16 0.04 -1.25 -3.2 <GO005-SIN-DI
F>
Spot Gas Oil 0.001% 100.02 0.44 0.44 99.58 GO 0.001 Diff 1.03 0.04 4.04 0.99 <GO10-SIN-DIF
>
Spot Jet/Kero 95.05 1.09 1.16 93.96 Jet/Kero Diff 0.65 0.08 14.04 0.57 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 Sohini Goswami)
