Asia Distillates-Window deals muted; regrade discounts widen

Reuters
02-20
Asia Distillates-Window deals muted; regrade discounts widen

SINGAPORE, Feb 20 (Reuters) - Asia's middle distillates markets continued to see minimal physical trading activity on the window, with a lack of deals for the second straight session, as mixed trading sentiment persisted.

Singapore is set to receive multi-year high of diesel imports as South Korea- and Taiwan-origin barrels have a lack of homes within other parts of Asia.

The situation however could abate after second-half March, when some swing supplies move out of the east to the west, several analysts said.

Refining margins GO10SGCKMc1 rebounded for the first time in six sessions to slightly above $16 a barrel.

Cash differentials GO10-SIN-DIF were supported given the wider backwardation in the paper markets, against a backdrop of firmer buying interest for mid-March cargoes on the trading window.

Talks of more swing suppliers intending to send jet fuel east instead of west, owing to spot gains in the past two trading sessions, weighed on jet fuel markets.

Regrade JETREG10SGMc1 declined slightly by 30 cents to a discount of around 75 cents a barrel, according to market sources.

SINGAPORE CASH DEALS O/AS

- No deals for both fuels

INVENTORIES

- U.S. crude oil and gasoline stocks rose last week while distillate inventories fell, market sources said, citing American Petroleum Institute figures on Wednesday. API/S

- Singapore's middle distillates stocks dipped slightly below 10 million barrels as the impact of higher diesel/gasoil net exports outweighed heavy jet fuel/kerosene inflows, official data showed on Thursday. O/SING1

NEWS

- Singapore is set to import multi-year high diesel volumes for February, according to data from two shiptrackers and trade sources, as sellers shipped cargoes to Asia's key oil storage hub amid tepid demand elsewhere.

- Saudi Arabia's Aramco 2222.SE has signed an agreement to acquire a 25% equity stake in Unioil Petroleum Philippines, the company said in a statement late on Wednesday.

- Oil prices edged lower on Thursday after an industry report showing a build in U.S. crude stockpiles weighed on sentiment, falling back from gains made in the previous session on worries over supply disruptions in Russia. O/R

- The Singapore trading arm of U.S.-based refiner Phillips 66 has recently leased a new floating storage vessel along the Singapore and Malacca Straits for storing fuel oil, market sources told Reuters.

PRICES

MIDDLE DISTILLATES

CASH ($/BBL)

ASIA CLOSE

Change

Prev Close

RIC

Spot Gas Oil 0.5%

87.60

0.50

87.10

GO-SIN

GO 0.5 Diff

-5.26

0.04

-5.30

GO-SIN-DIF

Spot Gas Oil 0.25%

92.37

0.50

91.87

GO25-SIN

GO 0.25 Diff

-0.49

0.04

-0.53

GO25-SIN-DIF

Spot Gas Oil 0.05%

91.93

0.50

91.43

GO005-SIN

GO 0.05 Diff

-0.93

0.04

-0.97

GO005-SIN-DIF

Spot Gas Oil 0.001%

93.24

0.51

92.74

GO10-SIN

GO 0.001 Diff

0.38

0.05

0.33

GO10-SIN-DIF

Spot Jet/Kero

93.16

0.01

93.15

JET-SIN

Jet/Kero Diff

1.05

-0.02

1.07

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 Eileen Soreng)

((trixie.yap@thomsonreuters.com;))

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