SINGAPORE, Feb 10 (Reuters) - Asia's middle distillates markets were upbeat as trading activity on the window gained momentum, with more March refiner selling interest also prevalent, though outlooks remained cautious.
Concerns of ample supply and thin demand continued to be the key focus in Asian markets, with some traders still expecting record-high imports into Singapore next month.
A handful of March offers did surface, in line with earlier expectations, as the usual refiners came out to sell their regular requirements.
More northeast Asia-origin offers are slated to emerge in the next few days as refiners more or less settle their contractual requirements first.
Taiwan's FPCC emerged with a March-loading 300,000-barrel 10ppm sulphur gasoil cargo for sale via a tender that closes on Tuesday. MDIS/TENDA
Refining margins GO10SGCKMc1 closed the trading session higher at $16.5 a barrel, mostly tracking paper market gains.
On the trading window, cash differentials GO10-SIN-DIF came under pressure again and flipped to discounts of 6 cents a barrel for the first time since September last year.
Regrade JETREG10SGMc1 widened slightly and fell back to discounts of nearly $1 a barrel.
SINGAPORE CASH DEALS O/AS
- Three gasoil deals, one jet fuel deal
NEWS
- Malaysia's state energy firm Petronas will reduce its workforce to ensure its long-term survival amid increasing challenges in the global operating environment, local media reported on Friday, citing the Petronas chief.
- Oil prices ticked higher on Monday even as investors weighed U.S. President Donald Trump's latest tariff threat, this time on all steel and aluminium imports, which could dampen global economic growth and energy demand. O/R
REFINERY NEWS REF/OUT
- Lyondell Basell Industries LYB.N completed the final shutdown of its 263,776 barrel-per-day Houston refinery, people familiar with plant operations said on Friday.
- Nigeria's Dangote Oil refinery, Africa's largest, could begin operating at full capacity in 30 days, the head of the refinery said on Monday.
PRICES
MIDDLE DISTILLATES | ||||
CASH ($/BBL) | ASIA CLOSE | Change | Prev Close | RIC |
Spot Gas Oil 0.5% | 86.43 | 0.38 | 86.05 | GO-SIN |
GO 0.5 Diff | -5.41 | 0.01 | -5.42 | GO-SIN-DIF |
Spot Gas Oil 0.25% | 91.20 | 0.38 | 90.82 | GO25-SIN |
GO 0.25 Diff | -0.64 | 0.01 | -0.65 | GO25-SIN-DIF |
Spot Gas Oil 0.05% | 90.76 | 0.10 | 90.65 | GO005-SIN |
GO 0.05 Diff | -1.08 | -0.27 | -0.81 | GO005-SIN-DIF |
Spot Gas Oil 0.001% | 91.78 | 0.28 | 91.50 | GO10-SIN |
GO 0.001 Diff | -0.06 | -0.10 | 0.04 | GO10-SIN-DIF |
Spot Jet/Kero | 91.94 | 0.06 | 91.88 | JET-SIN |
Jet/Kero Diff | 0.73 | -0.19 | 0.92 | 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 Shailesh Kuber)
((trixie.yap@thomsonreuters.com;))
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