Asia Distillates-Jet fuel market bustling as traders' prompt purchases continue
SINGAPORE, Sept 10 (Reuters) -Asia's middle distillates markets saw some upbeat market activity on the jet fuel front, though gasoil discussions remained muted and under pressure.
Some traders were also looking at export volumes from China for the fourth quarter and waiting on quotas.
Refining margins GO10SGCKMc1 for the fuel dipped slightly back to around $13.25 a barrel, reflecting the continuous weakness and thin liquidity in the paper markets.
Cash differentials GO10-SIN-DIF for the end-September and early October spot markets climbed slightly to a discount of 59 cents a barrel, as some buying interest resurfaced.
Jet fuel's trading window saw a flurry of spot activity as a key major regional trader continued its purchases for prompt deliveries of the aviation fuel.
UIT bought up to 629,000 barrels of jet fuel for delivery in end-September to early October so far, Reuters records showed.
Meanwhile, off window, October offers started emerging from northeast Asia after traders had waited with bated breath earlier, with discussions underway.
Regrade JETREG10SGMc1 held its ground at a discount of around 10 cents a barrel, reflecting the continued strength in jet fuel markets.
SINGAPORE CASH DEALS O/AS
- No deals for both fuels
INVENTORIES
- U.S. crude oil and distillate stockpiles were expected to have risen last week, while gasoline inventories likely fell, a preliminary Reuters poll showed on Monday. EIA/S
NEWS
- Oil products demand in China, long the driver of global crude consumption, peaked in 2023 and is forecast to decrease by 1.1% annually between 2023 and 2025, with the drop accelerating in subsequent years, a China oil researcher said on Tuesday.
- China's daily crude oil imports rose last month to their highest in a year, customs data and Reuters records showed on Tuesday, as shipments staged a tentative recovery on lower crude oil prices and improving refining margins.
- Oil prices edged down on Tuesday as weak Chinese demand offset U.S. supply disruptions from Tropical Storm Francine and as global oil oversupply risks continued to weigh on the market. O/R
- European Union legislation imposing methane emissions limits on Europe's oil and gas imports from 2030 will present monitoring challenges, an executive at Norwegian oil company Equinor said at the APPEC event on Tuesday.
PRICES
MIDDLE DISTILLATES | ||||
CASH ($/BBL) | ASIA CLOSE | Change | Prev Close | RIC |
Spot Gas Oil 0.5% | 76.79 | -1.38 | 78.17 | GO-SIN |
GO 0.5 Diff | -6.53 | -0.01 | -6.52 | GO-SIN-DIF |
Spot Gas Oil 0.25% | 81.82 | -1.38 | 83.20 | GO25-SIN |
GO 0.25 Diff | -1.50 | -0.01 | -1.49 | GO25-SIN-DIF |
Spot Gas Oil 0.05% | 81.25 | -1.38 | 82.63 | GO005-SIN |
GO 0.05 Diff | -2.07 | -0.01 | -2.06 | GO005-SIN-DIF |
Spot Gas Oil 0.001% | 82.73 | -1.34 | 84.07 | GO10-SIN |
GO 0.001 Diff | -0.59 | 0.04 | -0.62 | GO10-SIN-DIF |
Spot Jet/Kero | 83.07 | -1.55 | 84.62 | JET-SIN |
Jet/Kero Diff | -0.14 | 0.02 | -0.16 | JET-SIN-DIF |
For a list of derivatives prices, including margins, please double click the RICs below. | ||||
Brent M1 | BRENTSGMc1 | |||
Gasoil M1 | GOSGSWMc1 | |||
Gasoil M1/M2 | GOSGSPDMc1 | |||
Gasoil M2 | GOSGSWMc2 | |||
Regrade M1 | JETREGSGMc1 | |||
Regrade M2 | JETREGSGMc2 | |||
Jet M1 | JETSGSWMc1 | |||
Jet M1/M2 | JETSGSPDMc1 | |||
Jet M2 | JETSGSWMc2 | |||
Gasoil 500ppm-Dubai Cracks M1 | GOSGCKMc1 | |||
Gasoil 500ppm-Dubai Cracks M2 | GOSGCKMc2 | |||
Jet Cracks M1 | JETSGCKMc1 | |||
Jet Cracks M2 | JETSGCKMc2 | |||
East-West M1 | LGOAEFSMc1 | |||
East-West M2 | LGOAEFSMc2 | |||
LGO M1 | LGOAMc1 | |||
LGO M1/M2 | LGOASPDMc1 | |||
LGO M2 | LGOAMc2 | |||
Crack LGO-Brent M1 | LGOACKMc1 | |||
Crack LGO-Brent M2 | LGOACKMc2 | |||
Reporting by Trixie Yap; Editing by Mrigank Dhaniwala
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Penafian: Entiti XM Group menyediakan perkhidmatan pelaksanaan sahaja dan akses ke Kemudahan Dagangan Atas Talian, yang membolehkan sesorang melihat dan/atau menggunakan kandungan yang ada di dalam atau melalui laman web, tidak bertujuan untuk mengubah atau memperluas, juga tidak mengubah atau mengembangkannya. Akses dan penggunaan tersebut tertakluk kepada: (i) Terma dan Syarat; (ii) Amaran Risiko; dan Penafian Penuh. Oleh itu, kandungan sedemikian disediakan tidak lebih dari sekadar maklumat umum. Terutamanya, perlu diketahui bahawa kandungan Kemudahan Dagangan Atas Talian bukan permintaan, atau tawaran untuk melakukan transaksi dalam pasaran kewangan. Berdagang dalam mana-mana pasaran kewangan melibatkan tahap risiko yang besar terhadap modal anda.
Semua bahan yang diterbitkan di Kemudahan Dagangan Atas Talian kami bertujuan hanya untuk tujuan pendidikan/maklumat dan tidak mengandungi – dan tidak boleh dianggap mengandungi nasihat kewangan, cukai pelaburan atau dagangan dan cadangan, atau rekod harga dagangan kami, atau tawaran, atau permintaan untuk suatu transaksi dalam sebarang instrumen kewangan atau promosi kewangan yang tidak diminta kepada anda.
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