Cash differentials for 10 ppm sulphur gasoil, however, firmed for a third consecutive session, moving in the opposite direction as margins, given the strong buying interest from Trafigura again for early May cargo.
Competitively priced cargo was minimal despite the persistently cautious sentiment as sellers were still not keen to take on short positions on worries of sudden market fluctuations, given expectations of lower exports from China in May as well.
Jet fuel refining margins likewise fell to around $13.50 a barrel, with sufficient supplies from northeast Asia weighing on prices.
SINGAPORE CASH DEALS - No gasoil or jet fuel deal.
INVENTORIES - U.S. crude oil and gasoline inventories fell last week, while distillate inventories rose, according to market sources, citing American Petroleum Institute figures on Tuesday. Crude stocks fell by about 6.1 million barrels in the week ended April 21, they said. Gasoline inventories fell by about 1.9 million barrels, while distillate stocks rose by about 1.7 million barrels, according to the sources, who spoke on condition of anonymity. - Middle distillate stockpiles at Fujairah Oil Industry Zone were little changed at 3.426 million barrels for the week ended April 24, according to industry information service S&P Global Commodity Insights. NEWS - Oil rose on Wednesday after plunging more than 2% in the previous session as reports of falling U.S. crude oil and fuel inventories refocused investors on robust demand in the world's top oil consumer. - Dutch tank storage company Vopak on Wednesday raised its 2023 core profit outlook, with favourable storage demand expected to persist for the rest of the year. - India's crude oil imports in March rose to 20.73 million tonnes, up about 9% from a year earlier, government data showed on Wednesday. - Russian Deputy Prime Minister Alexander Novak said on Wednesday that OPEC+, the group of leading oil producers, remains an efficient tool for coordination on global oil markets.
PRICES
MIDDLE DISTILLATES
CASH ($/T) ASIA CLOSE Change % Change Prev RIC
Close
Spot Gas Oil 0.5% 87.12 -2.83 -3.15 89.95 GO 0.5 Diff -7.21 -0.04 0.56 -7.17 Spot Gas Oil 0.25% 86.67 -2.83 -3.16 89.5 GO 0.25 Diff -7.66 -0.04 0.52 -7.62 <GO25-SIN-DIF
>
Spot Gas Oil 0.05% 92.17 -2.83 -2.98 95 GO 0.05 Diff -2.16 -0.04 1.89 -2.12 <GO005-SIN-DI
F>
Spot Gas Oil 0.001% 94.62 -2.74 -2.81 97.36 GO 0.001 Diff 0.28 0.04 16.67 0.24 <GO10-SIN-DIF
>
Spot Jet/Kero 94.1 -2.36 -2.45 96.46 Jet/Kero Diff 0.57 0.07 14.00 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 Sonia Cheema)
