Thin liquidity may continue to persist if prices continue to trade within a narrow range, since market fluctuations are not sufficient for traders to take larger-sized positions.
Separately, offers were scant as some participants were still uncertain about the market's supply balance in the short run, one trader said.
Refining margins for 10 ppm sulphur gasoil fell for a second straight trading session to slightly below $18 a barrel.
Cash differentials for 10 ppm sulphur gasoil fell slightly to $1.09 per barrel, with bids largely below these levels.
Jet fuel refining margins fell at a slower pace to around $16 a barrel, with the paper swaps prompt-forward price spread turning into a contango on thin market liquidity for April cargoes compared with May.
Regrade narrowed slightly to a discount of $1.95 a barrel, reflecting some strong buying interest and forward positive trading sentiment for May given the change in months.
SINGAPORE CASH DEALS - No gasoil or jet fuel deal.
INVENTORIES
- U.S. crude oil and product inventories were seen falling last week, a preliminary Reuters
poll showed on Monday. Distillate inventories USOILD=ECI, which include diesel and heating oil,
were expected to have decreased by about 100,000 barrels last week. REFINERY MAINTENANCE - China's state-owned refiner PetroChina has started maintenance at its Urumqi refinery from
April 3, according to a statement posted on the refinery's social media account. Located in
China's northwestern region Xinjiang, the 240,000 barrels-per-day (bpd) refinery will be shut
for around 80 days, it said.
- PetroChina has started maintenance at its Liaoyang refinery from late March, according to
a statement posted on the refinery's social media account. The 180,000 barrel-per-day (bpd)
refinery is expected to be shut for around 48 days, it said.
NEWS
- Oil prices rose on Tuesday after OPEC+ plans to cut more production jolted markets the
previous day, with investor attention shifting to demand trends and the impact of higher prices
on the global economy. - Record volumes of Russian diesel poured into the Middle East in March, shiptracking data
showed, as traders cashed in on low prices to stock up the fuel at the Fujairah hub of the
United Arab Emirates and in Saudi Arabia, which is boosting exports.
- Indonesian state oil firm PT Pertamina plans to spend nearly $2 billion in the period up
to 2026 to improve safety at its facilities, executives said on Tuesday, as lawmakers grilled
officials over their response to a series of fires and explosions.
- Baghdad has reached an agreement to hold a 30% stake in TotalEnergies long-delayed $27 billion Iraq project, two sources told Reuters on Tuesday. The deal was signed
in 2021 for TotalEnergies to build four oil, gas and renewables projects with an initial
investment of $10 billion in southern Iraq over 25 years.
PRICES
MIDDLE DISTILLATES
CASH ($/T) ASIA CLOSE Change % Change Prev RIC
Close
Spot Gas Oil 0.5% 96.16 -1.4 -1.44 97.56 GO 0.5 Diff -6.88 -0.22 3.30 -6.66 Spot Gas Oil 0.25% 95.71 -1.4 -1.44 97.11 GO 0.25 Diff -7.33 -0.22 3.09 -7.11 <GO25-SIN-DIF
>
Spot Gas Oil 0.05% 100.56 -1.4 -1.37 101.96 GO 0.05 Diff -2.48 -0.22 9.73 -2.26 <GO005-SIN-DI
F>
Spot Gas Oil 0.001% 104.13 -1.4 -1.33 105.53 GO 0.001 Diff 1.09 -0.22 -16.79 1.31 <GO10-SIN-DIF
>
Spot Jet/Kero 100.45 0.46 0.46 99.99 Jet/Kero Diff 0.29 -0.14 -32.56 0.43 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)
