Cash differentials fell to 22 cents a barrel after the swaps market's price structure turned into a contango, with prompt month prices higher than forward month signalling the weak fundamentals. Jet fuel refining margins climbed slightly to $13.53 a barrel.
SINGAPORE CASH DEALS - No gasoil or jet fuel deal.
INVENTORIES - U.S. crude oil and gasoline inventories fell more than expected last week, as demand for the motor fuel picked up ahead of the peak summer driving season, Energy Information Administration data showed on Wednesday. Distillate stockpiles , which include diesel and heating oil, fell by almost 600,000 barrels in the week to 111.5 million barrels, less than forecasts for an 800,000-barrel draw, the data showed. - Inventories of middle distillates in storage at key trading hub Singapore were little changed as gasoil imports rose week-on-week, with volumes from Russia emerging again, official data showed on Thursday. NEWS - Spanish oil company Repsol said its first-quarter net profit fell 20% from the same period a year ago as oil and gas prices shrunk from the first three months of 2022. - Cosmo Energy Holdings Co Ltd plans to keep the current refining capacity at least until 2030 despite an expected fall in gasoline demand in Japan due to an aging population and higher sales of electric vehicles, its new president said. - Russian Deputy Prime Alexander Novak said the OPEC+ group of leading oil producers saw no need for further oil output cuts despite lower-than-expected Chinese demand, but that the organisation can always adjust policy if necessary.
PRICES
MIDDLE DISTILLATES
CASH ($/T) ASIA CLOSE Change % Change Prev RIC
Close
Spot Gas Oil 0.5% 83.76 -3.36 -3.86 87.12 GO 0.5 Diff -7.27 -0.06 0.83 -7.21 <GO-SIN-DIF
>
Spot Gas Oil 0.25% 83.31 -3.36 -3.88 86.67 GO 0.25 Diff -7.72 -0.06 0.78 -7.66 <GO25-SIN-D
IF>
Spot Gas Oil 0.05% 88.81 -3.36 -3.65 92.17 GO 0.05 Diff -2.22 -0.06 2.78 -2.16 <GO005-SIN-
DIF>
Spot Gas Oil 0.001% 91.25 -3.37 -3.56 94.62 GO 0.001 Diff 0.22 -0.06 -21.43 0.28 <GO10-SIN-D
IF>
Spot Jet/Kero 91.3 -2.8 -2.98 94.1 Jet/Kero Diff 0.63 0.06 10.53 0.57 <JET-SIN-DI
F>
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)
