Majority of the market stayed bearish on the supply front and demand in Asia remained dismal, despite some buying interest from Vietnam for prompt high sulphur cargoes.
Refining margins for 10 ppm sulphur gasoil closed the trading session lower as well at $16.53 a barrel, tracking the weak trading sentiment.
Jet fuel refining margins fell at a slower pace, narrowing to the regrade to a discount of $1.40 a barrel - the narrowest in around two months.
Some market participants attributed the narrowing regrade also to the sharper fall in gasoil cracks and weaker fundamentals in the gasoil market compared with jet fuel.
SINGAPORE CASH DEALS - No gasoil or jet fuel deal.
INVENTORIES - U.S. crude oil and product inventories were seen declining last week, a preliminary Reuters poll showed on Monday. Distillate inventories , which include diesel and heating oil, were expected to have decreased by about 800,000 barrels last week. NEWS - Two Chinese polyester fibre makers are seeking Beijing's approval to build a $10 billion refinery and petrochemical complex in Indonesia, sources with direct knowledge of the matter told Reuters. - Russia has increased its diesel exports to Brazil and other parts of Latin America following an embargo on shipments to Europe, according to traders and Refinitiv Eikon data.
PRICES
MIDDLE DISTILLATES
CASH ($/T) ASIA CLOSE Change % Change Prev RIC
Close
Spot Gas Oil 0.5% 93.32 -1.52 -1.60 94.84 GO 0.5 Diff -7.17 -0.03 0.42 -7.14 Spot Gas Oil 0.25% 92.87 -1.52 -1.61 94.39 GO 0.25 Diff -7.62 -0.03 0.40 -7.59 <GO25-SIN-DIF
>
Spot Gas Oil 0.05% 98.37 -1.52 -1.52 99.89 GO 0.05 Diff -2.12 -0.03 1.44 -2.09 <GO005-SIN-DI
F>
Spot Gas Oil 0.001% 100.83 -1.77 -1.73 102.6 GO 0.001 Diff 0.34 -0.29 -46.03 0.63 <GO10-SIN-DIF
>
Spot Jet/Kero 98.92 -0.58 -0.58 99.5 Jet/Kero Diff 0.23 0.04 21.05 0.19 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 Sonia Cheema)
