Jet fuel refining margins likewise fell to $13.15 per barrel, with regrade widening back to above $1 per barrel as some buyers returned to the market to trade on the jet fuel-10ppm gasoil spread.
SINGAPORE CASH DEALS - One gasoil deal, no jet fuel deal.
INVENTORIES - Middle distillates stockpiles at Fujairah Oil Industry Zone hit a fresh high at 3.439 million barrels since end-December 2022 for the week ended April 17, according to industry information service S&P Global Commodity Insights.
NEWS - Oil dropped on Wednesday as the market weighed potential interest rate hikes from the U.S. Federal Reserve that could slow growth and dampen oil consumption, offsetting falling U.S. inventories and strong Chinese economic data. - Saudi Aramco offered more vacuum gasoil (VGO) supplies to be exported from its Jizan refinery in May, according to traders and shipping data, in a sign that the refinery is yet to ramp up to full output.
- India and China have snapped up a vast majority of Russian oil so far in April at rates above the Western price cap of $60 per barrel, according to traders and Reuters calculations.
PRICES
MIDDLE DISTILLATES
CASH ($/T) ASIA CLOSE Change % Change Prev RIC
Close
Spot Gas Oil 0.5% 90.29 -1.28 -1.40 91.57 GO 0.5 Diff -7.11 0.06 -0.84 -7.17 Spot Gas Oil 0.25% 89.84 -1.28 -1.40 91.12 GO 0.25 Diff -7.56 0.06 -0.79 -7.62 <GO25-SIN-DIF
>
Spot Gas Oil 0.05% 95.34 -1.28 -1.32 96.62 GO 0.05 Diff -2.06 0.06 -2.83 -2.12 <GO005-SIN-DI
F>
Spot Gas Oil 0.001% 97.6 -1.42 -1.43 99.02 GO 0.001 Diff 0.2 -0.08 -28.57 0.28 <GO10-SIN-DIF
>
Spot Jet/Kero 96.45 -1.72 -1.75 98.17 Jet/Kero Diff 0.45 0.03 7.14 0.42 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 Sohini Goswami)
