off-the-wire

Asia Distillates-Gasoil refining margins down on thin market activity

Kitco Media
By Reuters
Published:
Updated:
Reuters
SINGAPORE, May 3 (Reuters) - Asia's 10ppm sulphur gasoil and jet fuel margins dipped on Wednesday, as thin market activity weighed on demand sentiment, even as Middle East stocks fell by 13% to a three-week low. Refining margins for 10ppm sulphur gasoil closed trading at $12.35 a barrel, down from the previous session. Jet fuel refining margins weakened to $12.07 a barrel, tracking losses in 10ppm sulphur gasoil. Cash differentials for 10ppm sulphur gasoil fell to minus 26 cents a barrel, down from 3 cents a barrel in the previous session. Asia's regrade value was at minus 28 cents by the end of the trading session, compared with the previous session's close of minus 75 cents.


SINGAPORE CASH DEALS - One gasoil deal, no jet fuel deals.


INVENTORIES - U.S. crude oil and distillate inventories fell last week, while gasoline inventories rose, according to market sources, citing American Petroleum Institute figures on Tuesday. Crude stocks fell by about 3.9 million barrels in the week ended April 28, they said. Gasoline inventories rose by 351,000 barrels, while distillate stocks fell by 975,000 barrels, according to the sources, who spoke on condition of anonymity. - Middle distillate stockpiles at Fujairah Oil Industry Zone were down approximately 13% at 2.976 million barrels for the week ended May 1, according to industry information service S&P Global Commodity Insights. NEWS - Oil prices extended losses on Wednesday after plunging 5% in the previous session, as investors fretted about the health of the U.S. economy ahead of an expected Federal Reserve interest rate hike later in the day. - India slightly decreased its Urals oil buying in April compared to record imports in March, while China increased its share of the Urals market, Refinitiv Eikon data showed and traders said. - Oil depots were ablaze in both Russia and Ukraine on Wednesday as both sides escalated a drone war targeting infrastructure ahead of Kyiv's planned spring counter-offensive to try to end Moscow's all-out invasion.


PRICES MIDDLE
DISTILLATES
CASH ($/T) ASIA CLOSE Change % Change Prev RIC Close
Spot Gas Oil 77.33 -6.4 -7.64 83.73 0.5%
GO 0.5 Diff -7.45 -0.15 2.05 -7.3 <GO-SIN-DI F> Spot Gas Oil 76.88 -6.4 -7.68 83.28 0.25%
GO 0.25 Diff -7.9 -0.15 1.94 -7.75 <GO25-SIN- DIF> Spot Gas Oil 82.38 -6.4 -7.21 88.78 <GO005-SIN 0.05% > GO 0.05 Diff -2.4 -0.15 6.67 -2.25 <GO005-SIN -DIF> Spot Gas Oil 84.51 -6.55 -7.19 91.06 0.001%
GO 0.001 Diff -0.26 -0.29 -966.67 0.03 <GO10-SIN- DIF> Spot Jet/Kero 85.39 -5.35 -5.90 90.74 Jet/Kero Diff 0.59 0.06 11.32 0.53 <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)

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