Asia Distillates-Gasoil margins steady on thin liquidity, ample supply

SINGAPORE, April 25 (Reuters) - Asia's 10 ppm gasoil margins were little changed at slightly below $15 a barrel on Tuesday, amid some gains in crude futures as well as a lack of overall market activity and sufficient May supplies in the market. Supply remained ample, with more gasoil and jet fuel May cargoes from South Korea for sale via tenders that close tomorrow. Cash differentials firmed slightly by 8 cents day on day, reflecting the demand still coming from Trafigura for mid-May parcels, although the remainder of the market stayed on the selling side. Likewise, jet fuel refining margins firmed to slightly above $14 a barrel. Cash premiums for jet fuel were steady for a second consecutive day as a buy-sell gap continued to limit serious market discussions.

SINGAPORE CASH DEALS - No gasoil or jet fuel deals.

INVENTORIES - U.S. crude oil and product inventories were seen declining last week, a preliminary Reuters poll showed on Monday. Analysts estimated gasoline stockpiles fell by about 1.5 million barrels last week, while distillate , which includes diesel and heating oil, decreased by about 1 million barrels. REFINERY OUTAGES - The 97,000-barrels-per-day refinery at Lingen in Germany was taken offline for a major planned revision in mid-April whose length cannot at this stage be revealed, operator BP said in a written note received on April 24.

NEWS - Global diesel margins have slumped by about half since February, dragging on refiners' profits, as Russian exports continue despite sanctions, helping output from China and India reach all-time highs in March. - Oil edged higher on Tuesday, on track for a third day of gains, supported by investor optimism that holiday travel in China would boost fuel demand and by expectations that U.S. inventories would show a drop in crude stocks. - Russia's oil output this year is on course to top 480 million tonnes, or about 9.6 million barrels per day (bpd), a Russian government source familiar with the data told Reuters.

PRICES MIDDLE DISTILLATES
CASH ($/T) ASIA CLOSE Change % Change Prev RIC Close
Spot Gas Oil 0.5% 89.95 2.44 2.79 87.51 GO 0.5 Diff -7.17 0.04 -0.55 -7.21 Spot Gas Oil 0.25% 89.5 2.44 2.80 87.06 GO 0.25 Diff -7.62 0.04 -0.52 -7.66 <GO25-SIN-DIF > Spot Gas Oil 0.05% 95 2.44 2.64 92.56 GO 0.05 Diff -2.12 0.04 -1.85 -2.16 <GO005-SIN-DI F> Spot Gas Oil 0.001% 97.36 2.48 2.61 94.88 GO 0.001 Diff 0.24 0.08 50.00 0.16 <GO10-SIN-DIF > Spot Jet/Kero 96.46 2.47 2.63 93.99 Jet/Kero Diff 0.5 0 0.00 0.5 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 Savio D'Souza)