Refining margins for 10 ppm gasoil fell to around $17 per barrel. Some sellers emerged to offer end-April parcels via tenders, weighing on supply fundamentals further but overall discussions in the open market stayed muted.
There were no offers for 10 ppm sulphur gasoil for a third trading session. Cash differentials for 10 ppm sulphur gasoil cargoes fell to 88 cents per barrel. Jet fuel refining margins fell at a slower pace, with regrade narrowing further for May to a discount of $1.80 per barrel.
SINGAPORE CASH DEALS - One gasoil deal, no jet fuel deal.
INVENTORIES - U.S. crude oil and fuel inventories fell last week, according to market sources citing American Petroleum Institute figures on Tuesday. Crude stocks fell by about 4.3 million barrels in the week ended March 31, they said. Gasoline inventories fell by about 4 million barrels, while distillate stocks fell by about 3.7 million barrels, according to the sources. - Middle distillates stockpiles at Fujairah Oil Industry Zone rose to 3.074 million barrels, close to a three-month high, in the week ended April 3, according to industry information service S&P Global Commodity Insights. NEWS - Oil prices were stable on Wednesday, as the market weighed gloomy economic prospects against expectations of U.S. crude inventory declines and OPEC's voluntary output cuts announcement. - Finnish biofuel producer Neste plans to start commercial production at its renewable fuels expansion project in Singapore in the coming weeks after starting trial runs since February, a senior company executive said on Wednesday. - Japan wants to push for the Group of Seven (G7) economic powers to agree on accelerating decarbonisation efforts through collaboration at the ministers' meeting on climate, energy and environment later this month, its industry minister said.
PRICES
MIDDLE DISTILLATES
CASH ($/T) ASIA CLOSE Change % Change Prev RIC
Close
Spot Gas Oil 0.5% 94.74 -1.42 -1.48 96.16 GO 0.5 Diff -7.09 -0.21 3.05 -6.88 Spot Gas Oil 0.25% 94.29 -1.42 -1.48 95.71 GO 0.25 Diff -7.54 -0.21 2.86 -7.33 <GO25-SIN-DIF
>
Spot Gas Oil 0.05% 99.8 -0.76 -0.76 100.56 GO 0.05 Diff -2.04 0.44 -17.74 -2.48 <GO005-SIN-DI
F>
Spot Gas Oil 0.001% 102.71 -1.42 -1.36 104.13 GO 0.001 Diff 0.88 -0.21 -19.27 1.09 <GO10-SIN-DIF
>
Spot Jet/Kero 99.9 -0.55 -0.55 100.45 Jet/Kero Diff 0.34 0.05 17.24 0.29 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)
