Asia Distillates-Cash diffs at more than one-month high; window activity thins

Reuters
04-17
Asia Distillates-Cash diffs at more than one-month high; window activity thins

SINGAPORE, April 17 (Reuters) - Asia's middle distillates markets gain further, but overall window trading activity thinned on the last trading day of the week and refiners still sold May spot cargoes at discounts.

The market saw a lack of window deals for the third straight session, though 10ppm sulphur gasoil buying interest picked up momentum through the course of the week.

Various spot cargoes were sold at discounts through the week, ranging from 20 cents to 60 cents per barrel.

The 10ppm sulphur gasoil refining margins GO10SGCKMc1 remained slightly above $14 per barrel, little changed from a week earlier.

On Friday, spot cash differentials GO10-SIN-DIF barely moved from the previous trading session, maintaining at their highest since slightly more than a month ago at a premium of around 57 cents per barrel.

On the jet fuel front, some buying interest on the trading window provided support to spot differentials with the value closing at the highest for the week of 48 cents premium per barrel.

Regrade JETREG10SGMc1 widened to the week's highest discount of slightly more than $1.05 a barrel, reflecting sharper gains in diesel paper markets.

SINGAPORE CASH DEALS O/AS

- No deals for both fuels

INVENTORIES

- U.S. crude stocks rose last week despite a major increase in exports, while fuel inventories fell, the Energy Information Administration said on Wednesday. EIA/S

- Singapore's middle distillates stock levels gained for a second straight week amid a rise in overall imports of diesel/gasoil, official data showed on Thursday. O/SING1

REFINERY NEWS REF/OUT

- Valero Energy Corp VLO.N said on Wednesday it was taking a $1.1 billion pre-tax impairment related to its California refineries and told state regulators it would permanently shut or restructure its San Francisco-area refinery in Benicia, California by the end of April 2026.

- Motiva Enterprises [RIC:RIC:MOTIV.UL] restarted the gasoline-producing fluidic catalytic cracker $(FCC.AU)$ at its 626,000 barrel-per-day (bpd) Port Arthur, Texas refinery, people familiar with plant operations said on Wednesday.

NEWS

- The Organization of the Petroleum Exporting Countries (OPEC) has received updated plans for Iraq, Kazakhstan and other countries to make further oil output cuts to compensate for pumping above agreed quotas, the group said on Wednesday.

- Russia's exports of Arctic oil to China are set to rise sharply in April after sellers offered wide discounts and shipment on non-sanctioned tankers to counter a U.S. embargo, analytics firm Vortexa and two Russian oil traders said.

- Oil prices extended gains on Thursday on the prospect of tighter supply after Washington imposed further sanctions to curb Iranian oil trade and as some OPEC producers pledged more output cuts to compensate for pumping above agreed quotas. O/R

PRICES

MIDDLE DISTILLATES

CASH ($/BBL)

ASIA CLOSE

Change

Prev Close

RIC

Spot Gas Oil 0.5%

76.18

1.04

75.14

GO-SIN

GO 0.5 Diff

-5.19

0.00

-5.19

GO-SIN-DIF

Spot Gas Oil 0.25%

80.18

1.04

79.14

GO25-SIN

GO 0.25 Diff

-1.19

0.00

-1.19

GO25-SIN-DIF

Spot Gas Oil 0.05%

80.56

1.04

79.52

GO005-SIN

GO 0.05 Diff

-0.81

0.00

-0.81

GO005-SIN-DIF

Spot Gas Oil 0.001%

81.94

1.04

80.90

GO10-SIN

GO 0.001 Diff

0.57

0.00

0.57

GO10-SIN-DIF

Spot Jet/Kero

80.72

0.95

79.77

JET-SIN

Jet/Kero Diff

0.48

0.01

0.47

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 Shinjini Ganguli)

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

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