Asia Distillates-Gasoil, jet fuel margins fall for sixth straight week

SINGAPORE, April 28 (Reuters) - Asia's 10-ppm sulphur gasoil margins and jet fuel margins posted their sixth consecutive week-on-week losses on Friday, weighed down by weak demand sentiment. Refining margins for 10ppm sulphur gasoil closed the trading session at $11.58 a barrel, while jet fuel refining margins were at $11.18 a barrel. Cash differentials rose slightly to 28 cents a barrel. Asia's regrade value hovered near a two-month high of minus 40 cents by the end of the trading session. European demand remains sluggish, with inventories staying ample, following heavy stockpiling prior to the Feb. 5 ban on seaborne imports of Russian refined products, said Refinitiv Oil Research in a weekly report. This is forecast to be reversed from 2H 2023, as the El Nino weather phenomenon is set to lift global temperatures, raising power-generation usage and diesel demand in Europe, as well as seasonal maintenances in the autumn, the report added.

SINGAPORE CASH DEALS - Two gasoil deals, no jet fuel deals.

TENDERS - India's Nayara Energy, MRPL offers May diesel, jet fuel.

NEWS - Oil prices posted mild gains on Friday, but headed for a second week of declines as disappointing U.S. economic data and uncertainty over further interest rate hikes weighed on the demand outlook. - Refining giant Sinopec Corp sees China's diesel and gasoline demand growing faster in the second quarter than in the first three months of this year alongside the Chinese economic recovery, a senior company executive said on Friday. - Russian Deputy Prime Alexander Novak said on Thursday the OPEC+ group of leading oil producers saw no need for further 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 82.73 -1.03 -1.23 83.76 0.5%
GO 0.5 Diff -7.26 0.01 -0.14 -7.27 <GO-SIN-DI F> Spot Gas Oil 82.28 -1.03 -1.24 83.31 0.25%
GO 0.25 Diff -7.71 0.01 -0.13 -7.72 <GO25-SIN- DIF> Spot Gas Oil 87.78 -1.03 -1.16 88.81 <GO005-SIN 0.05% > GO 0.05 Diff -2.21 0.01 -0.45 -2.22 <GO005-SIN -DIF> Spot Gas Oil 90.27 -0.98 -1.07 91.25 0.001%
GO 0.001 Diff 0.28 0.06 27.27 0.22 <GO10-SIN- DIF> Spot Jet/Kero 90.18 -1.12 -1.23 91.3 Jet/Kero Diff 0.59 -0.04 -6.35 0.63 <JET-SIN-D IF>
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 Matthew Chye; Editing by Rashmi Aich)