Thin liquidity and gains in outright physical prices cushioned overall market weakness, as evidenced from the lack of activity in the open market - with sellers nowhere in sight.
Cash differentials fell slightly to $1.31 per barrel, with only a handful of buyers hoping to buy competitively-priced cargoes.
Regrade narrowed to a discount of $2.55 a barrel for May, signifying the slight strength in forward market fundamentals for jet fuel - although some market participants expect this to change soon.
SINGAPORE CASH DEALS - No gasoil, jet fuel deal.
NEWS - Saudi Arabia and other OPEC+ oil producers on Sunday announced further oil output cuts of around 1.16 million barrels per day, in a surprise move that analysts said would cause an immediate rise in prices and the United States called inadvisable.
- China's factory activity growth stalled in March, weighed down by slowing production and weaker global demand and adding to uncertainty about a post-COVID recovery, a private sector survey showed on Monday. - Oil prices surged on Monday, posting the biggest daily rise in nearly a year, after a surprise announcement by OPEC+ to cut more production jolted markets. - India has extended restrictions on the export of diesel and gasoline, the government said in a notification, as New Delhi tries to ensure the availability of refined fuels for the domestic market.
- Top oil exporter Saudi Arabia may raise crude prices for Asia in May after OPEC+ announced additional production cuts to shore up the market just as China's demand is expected to increase in the second quarter as refineries finish maintenance.
PRICES
MIDDLE
DISTILLATES
CASH ($/T) ASIA CLOSE Change % Change Prev Close RIC
Spot Gas Oil 0.5% 97.56 6 6.55 91.56 GO 0.5 Diff -6.66 -0.08 1.22 -6.58 Spot Gas Oil 0.25% 97.11 6 6.59 91.11 GO 0.25 Diff -7.11 -0.08 1.14 -7.03 Spot Gas Oil 0.05% 101.96 6 6.25 95.96 GO 0.05 Diff -2.26 -0.08 3.67 -2.18 Spot Gas Oil 0.001% 105.53 6 6.03 99.53 GO 0.001 Diff 1.31 -0.08 -5.76 1.39 Spot Jet/Kero 99.99 5.44 5.75 94.55 Jet/Kero Diff 0.43 -0.05 -10.42 0.48 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)
