However, a lack of clarity on China's export volumes for April loading weighed on market liquidity as some traders were cautious not to be overly bearish. Estimates for April loading gasoil from China rose to 650,000-900,000 tonnes compared with earlier estimates of up to 500,000 tonnes, according to some China-based consultancies, Refinitiv and trade sources.
Cash differentials went up slightly to 28 a cents a barrel although the open market recorded a buy-sell gap. However, jet fuel refining margins closed the trading session almost flat after a flurry of buying activities slowed down compared with a day earlier. Some sellers also emerged with more jet fuel cargoes, sparking talks of production adjustments again soon, given the narrowing regrade in the past week.
Regrade widened slightly to 90 cents a barrel as a result.
SINGAPORE CASH DEALS - No gasoil or jet fuel deal.
INVENTORIES - U.S. crude oil and product inventories likely fell last week, a preliminary Reuters poll showed on Monday. Distillate inventories , which include diesel and heating oil, were expected to have decreased by about 1.8 million barrels last week. NEWS - Chinese oil refinery throughput surged to a record in March, data showed on Tuesday, as refiners stepped up runs to capture strong export demand and build up inventories ahead of planned maintenance.
- China's economy grew at a faster-than-expected pace in the first quarter, as the end of strict COVID curbs lifted businesses and consumers out of crippling pandemic disruptions, although headwinds from a global slowdown point to a bumpy ride ahead. - China's diesel exports shipments surged to 1.44 million tonnes, up 113.8% in March, from 0.67 million tonnes a year ago, data from the General Administration of Customs showed on Tuesday. - French energy company TotalEnergies' variable cost margin for European refineries jumped to $87.8 dollar per tonne in the first quarter, the company said in a preliminary release of main indicators on Tuesday. - Sales of marine fuel, also known as bunker fuel, slid for a third straight month at the UAE's Fujairah to hit fresh lows in March, showed latest Fujairah Oil Industry Zone data that commenced publishing in 2021.
- South Korea on Tuesday said it would extend sales tax breaks on some oil products, which were originally due to expire at the end of April, by another four months, citing still-burdensome prices for the people.
PRICES
MIDDLE DISTILLATES
CASH ($/T) ASIA CLOSE Change % Change Prev RIC
Close
Spot Gas Oil 0.5% 91.57 -0.73 -0.79 92.3 GO 0.5 Diff -7.17 0.02 -0.28 -7.19 Spot Gas Oil 0.25% 91.12 -0.73 -0.79 91.85 GO 0.25 Diff -7.62 0.02 -0.26 -7.64 <GO25-SIN-DIF
>
Spot Gas Oil 0.05% 96.62 -0.73 -0.75 97.35 GO 0.05 Diff -2.12 0.02 -0.93 -2.14 <GO005-SIN-DI
F>
Spot Gas Oil 0.001% 99.02 -0.73 -0.73 99.75 GO 0.001 Diff 0.28 0.02 7.69 0.26 <GO10-SIN-DIF
>
Spot Jet/Kero 98.17 -0.88 -0.89 99.05 Jet/Kero Diff 0.42 0.05 13.51 0.37 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 Shilpi Majumdar)
