A few buyers sought spot lots given large declines in prices in the past few days, as evidenced from the deal for a May parcel - but selling interest remained strong.
Cash differentials rebounded after three days of weakness in the week to 20 cents a barrel.
Jet fuel refining margins also fell to just below $14 a barrel, reflecting the weakness from gasoil cracks.
Regrade was almost steady at a discount of $1.42 a barrel.
SINGAPORE CASH DEALS - One gasoil deal, no jet fuel deal.
INVENTORIES - U.S. crude inventories rose unexpectedly last week, the Energy Information Administration said on Wednesday, helped by release of oil from the U.S. government emergency reserve as well as weaker levels of export. - Inventories of middle distillates such as gasoil and jet fuel/kerosene at key trading hub Singapore fell for a second consecutive week to 8.814 million barrels, tracking the higher net export volumes for jet fuel/kerosene, official data showed on Thursday. NEWS - China's crude oil imports in March surged 22.5% from a year earlier to the highest since June 2020, data showed on Thursday, as refiners stepped up runs to capture fuel export demand and in anticipation of a domestic economic recovery. - Oil products shipments from TotalEnergies' Donges and La Mede refineries were disrupted on Thursday, a company spokesperson said, with 20% of operational staff having joined strike action over the government's pension reforms. - Russia boosted gasoline exports by nearly 50% year-on-year in the first quarter, shipping cargoes directly to Africa as it carved out new trade routes after the European Union sanctioned Russian oil, ship tracking data showed.
PRICES
MIDDLE
DISTILLATES
CASH ($/T) ASIA CLOSE Change % Change Prev Close RIC
Spot Gas Oil 0.5% 94.42 1.87 2.02 92.55 GO 0.5 Diff -7.32 0.06 -0.81 -7.38 Spot Gas Oil 0.25% 93.97 1.87 2.03 92.1 GO 0.25 Diff -7.77 0.06 -0.77 -7.83 Spot Gas Oil 0.05% 99.47 1.87 1.92 97.6 GO 0.05 Diff -2.27 0.06 -2.58 -2.33 Spot Gas Oil 0.001% 101.94 1.92 1.92 100.02 GO 0.001 Diff 0.2 0.11 122.22 0.09 Spot Jet/Kero 100.33 1.38 1.39 98.95 Jet/Kero Diff 0.21 0.03 16.67 0.18 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 Shinjini Ganguli)
