off-the-wire

Asia Distillates-Gasoil refining margins edge higher on weaker crude

Kitco Media
By Reuters
Published:
Updated:
Reuters
SINGAPORE, May 10 (Reuters) - Asia's 10ppm sulphur gasoil refining margins rose on Wednesday, supported by falling crude prices, even as Middle East stocks rose by 13.5% to a two-week high. Refining margins for 10ppm sulphur gasoil closed trading at $14.93 a barrel, higher than the previous session's close of $14.78 a barrel. Jet fuel refining margins weakened to $14.53 a barrel, compared to the previous session's close of $14.65 a barrel. Cash differentials for 10ppm sulphur gasoil were unchanged at minus 36 cents a barrel. Asia's regrade value was at minus 40 cents by the end of the trading session, compared with the previous session's close of minus 13 cents.


SINGAPORE CASH DEALS - Two gasoil deals, one jet fuel deal.


INVENTORIES - U.S. crude oil and gasoline inventories rose last week, while distillate stockpiles fell, according to market sources citing American Petroleum Institute figures on Tuesday. Crude stocks rose by about 3.6 million barrels in the week ended May 5. Gasoline inventories rose by 399,000 barrels, while distillate stocks fell by 3.9 million barrels, according to the sources, who spoke on condition of anonymity. - Middle distillate stockpiles at Fujairah Oil Industry Zone were up approximately 13.5% at 3.379 million barrels for the week ended May 8, according to industry information service S&P Global Commodity Insights. NEWS - Oil prices fell on Wednesday, ending a three-day rally as an unexpected rise in U.S. oil inventories sparked demand concerns and investors awaited inflation data for a steer on U.S. interest rates. - Saudi Aramco has told customers in North Asia they will receive full volumes of crude oil that they have requested in June, several sources with knowledge of the matter said on Wednesday. - U.S. power consumption will ease in 2023 from last year's record high as slower economic growth and milder weather depress usage, the U.S. Energy Information Administration (EIA) said in its Short-Term Energy Outlook (STEO) on Tuesday.


PRICES MIDDLE
DISTILLATES
CASH ($/T) ASIA CLOSE Change % Change Prev RIC Close
Spot Gas Oil 82.6 0.41 0.50 82.19 0.5%
GO 0.5 Diff -7.34 0.02 -0.27 -7.36 <GO-SIN-DI F> Spot Gas Oil 84.54 0.41 0.49 84.13 0.25%
GO 0.25 Diff -5.4 0.02 -0.37 -5.42 <GO25-SIN- DIF> Spot Gas Oil 88.81 0.41 0.46 88.4 <GO005-SIN 0.05% > GO 0.05 Diff -1.13 0.02 -1.74 -1.15 <GO005-SIN -DIF> Spot Gas Oil 89.58 0.39 0.44 89.19 0.001%
GO 0.001 Diff -0.36 0 0.00 -0.36 <GO10-SIN- DIF> Spot Jet/Kero 90.27 -0.24 -0.27 90.51 Jet/Kero Diff 0.49 -0.26 -34.67 0.75 <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 Krishna Chandra Eluri)

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