Refining margins fell only slightly to around $14.18 a barrel.
Jet fuel refining margins fell at a slightly slower pace as some buyers re-emerged from the sidelines.
Regrade as a result narrowed back to a discount of 85 cents a barrel.
SINGAPORE CASH DEALS - No gasoil deal, one jet fuel deal.
INVENTORIES - U.S. crude oil inventories last week fell more than forecast as refinery runs and exports rose, while gasoline stockpiles jumped unexpectedly on disappointing demand, Energy Information Administration data showed on Wednesday. Distillate stockpiles , which include diesel and heating oil, fell by 400,000 barrels in the week to 112.1 million barrels, versus expectations for a 900,000-barrel drop - Stocks of middle distillates at key trading hub Singapore fell for the third consecutive week, as higher net exports remained in focus, official government data showed on Thursday. NEWS - Oil loadings from Russia's western ports in April will rise to the highest since 2019, above 2.4 million barrels per day (bpd), despite Moscow's pledge to cut output, trading and shipping sources said.
- Oil prices were down in Asian trade on Thursday as the U.S. dollar strengthened on rate-hike expectations and after recent economic data from the U.S. and China did not do enough to encourage expectations that demand will improve. - The two largest U.S. oil companies are road testing renewable gasoline blends that they say could bring down emissions from conventional autos to levels competitive with electric vehicles. - China may cut quotas for refined oil products exports in a second batch for 2023 as domestic demand improves while the need to boost its economy through oil products abates, a Reuters survey showed.
PRICES
MIDDLE DISTILLATES
CASH ($/T) ASIA CLOSE Change % Change Prev RIC
Close
Spot Gas Oil 0.5% 88.07 -2.22 -2.46 90.29 GO 0.5 Diff -7.33 -0.22 3.09 -7.11 Spot Gas Oil 0.25% 87.62 -2.22 -2.47 89.84 GO 0.25 Diff -7.78 -0.22 2.91 -7.56 <GO25-SIN-DIF
>
Spot Gas Oil 0.05% 93.12 -2.22 -2.33 95.34 GO 0.05 Diff -2.28 -0.22 10.68 -2.06 <GO005-SIN-DI
F>
Spot Gas Oil 0.001% 95.39 -2.21 -2.26 97.6 GO 0.001 Diff -0.01 -0.21 -105.00 0.2 <GO10-SIN-DIF
>
Spot Jet/Kero 95.05 -1.4 -1.45 96.45 Jet/Kero Diff 0.49 0.04 8.89 0.45 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)
