Cash differentials were almost steady week on week, closing the trading session at $1.39 per barrel. A buy-sell gap hindered activity.
Jet fuel refining margins also remained at more than a one year low, discussions for the aviation fuel cargoes even thinner than 10 ppm sulphur gasoil.
Regrade widened back to a discount of around $4 a barrel, down 35% week on week but just shy of being the lowest level for March.
SINGAPORE CASH DEALS - No gasoil or jet fuel deal.
INVENTORIES - Gasoil stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage area fell for a fifth week in a row, data from Dutch consultancy Insights Global showed on Thursday. Gasoil stocks stood at 2.35 million tonnes, falling 3.4% to their lowest since early February, with higher demand up the Rhine river, said Insights Global's Lars van Wageningen. NEWS
- Vietnam would need investment of up to 270 trillion dong ($11.51 billion) to expand its national fuel storage system by 2030, state media reported on Friday, citing a draft plan prepared by the Ministry of Industry and Trade.
- Oil prices dipped on Friday, with benchmarks heading for their weakest monthly performances since November, ahead of key U.S. inflation data which could give clues on future interest rate moves and the strength of the dollar. - China's manufacturing activity expanded at a slower pace in March, official data showed on Friday, raising doubts about the strength of a post-COVID factory recovery amid weaker global demand and a property market downturn.
PRICES
MID-DISTILLATES
CASH ($/T) ASIA CLOSE Change % Change Prev RIC
Close
Spot Gas Oil 0.5% 91.56 -0.7 -0.76 92.26 GO 0.5 Diff -6.58 -0.11 1.70 -6.47 Spot Gas Oil 0.25% 91.11 -0.7 -0.76 91.81 GO 0.25 Diff -7.03 -0.11 1.59 -6.92 <GO25-SIN-DIF
>
Spot Gas Oil 0.05% 95.96 -0.7 -0.72 96.66 GO 0.05 Diff -2.18 -0.11 5.31 -2.07 <GO005-SIN-DI
F>
Spot Gas Oil 0.001% 99.53 -0.7 -0.70 100.23 GO 0.001 Diff 1.39 -0.11 -7.33 1.5 <GO10-SIN-DIF
>
Spot Jet/Kero 94.55 -0.55 -0.58 95.1 Jet/Kero Diff 0.48 0.04 9.09 0.44 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 Krishna Chandra Eluri)
