SINGAPORE, Jan 27 (Reuters) - Asia's middle distillates markets were overall weaker, reflecting the declines in swap discussions and the open trading window, even as February sales activity continued from various refiners.
February refiner sale discussions were still hovering in the discounted territory, with the latest South Korea-origin barrels being sold at discounts of 80-90 cents per barrel.
Likewise for jet fuel, February sales were mostly done at discounts of more than 50 cents a barrel.
Meanwhile, swing suppliers in India and the Middle East started off their February spot sale tenders, as KPC, Nayara Energy and MRPL emerged from the sidelines.
Refining margins GO10SGCKMc1 kickstarted the short working week lower, hovering again at three-month lows given as weakness for February swaps prices continued.
Complex refining margins however recovered to two-week highs of more than $2 per barrel, reflecting the weakness in crude prices in comparison.
Cash differentials GO10-SIN-DIF closed the trading session at 72 cents a barrel, as selling interest rose for early February cargoes.
Regrade JETREG10SGMc1 discounts went to their narrowest in one month, reflecting the weakness in gasoil markets.
SINGAPORE CASH DEALS O/AS
- One gasoil deal, no jet fuel deals
REFINERY NEWS REF/OUT
- TotalEnergies TTEF.PA shut the small crude distillation unit (CDU) because of the outage of a coker at its 238,000-barrel-per-day (bpd) Port Arthur, Texas, refinery, people familiar with plant operations said on Friday.
- CVR Energy CVI.N said on Friday its 132,000 barrels-per-day refinery in Coffeyville, Kansas, has begun planned turnaround work following a fire at the plant's naphtha hydrotreater on Tuesday.
NEWS
- The U.S. and Colombia pulled back from the brink of a trade war on Sunday after the White House said the South American nation had agreed to accept military aircraft carrying deported migrants.
- China's manufacturing activity unexpectedly contracted in January, an official factory survey showed on Monday, its weakest since August, keeping alive calls for stimulus in the world's second-largest economy.
- Oil prices slipped on Monday after U.S. President Trump called on OPEC to reduce prices following the announcement of wide-ranging measures to boost U.S. oil and gas output in his first week in office. O/R
- Top oil exporter Saudi Arabia may raise crude prices for Asian buyers in March to their highest in more than a year after benchmark prices spiked on higher demand from China and India as U.S. sanctions disrupted Russian supply, traders said on Monday.
PRICES
MIDDLE DISTILLATES | ||||
CASH ($/BBL) | ASIA CLOSE | Change | Prev Close | RIC |
Spot Gas Oil 0.5% | 87.30 | -1.65 | 88.96 | GO-SIN |
GO 0.5 Diff | -5.28 | -0.03 | -5.25 | GO-SIN-DIF |
Spot Gas Oil 0.25% | 92.67 | -1.65 | 94.33 | GO25-SIN |
GO 0.25 Diff | 0.09 | -0.03 | 0.12 | GO25-SIN-DIF |
Spot Gas Oil 0.05% | 92.88 | -1.65 | 94.54 | GO005-SIN |
GO 0.05 Diff | 0.30 | -0.03 | 0.33 | GO005-SIN-DIF |
Spot Gas Oil 0.001% | 93.31 | -1.80 | 95.10 | GO10-SIN |
GO 0.001 Diff | 0.72 | -0.17 | 0.90 | GO10-SIN-DIF |
Spot Jet/Kero | 92.88 | -0.83 | 93.71 | JET-SIN |
Jet/Kero Diff | 1.00 | 0.07 | 0.94 | 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 Shreya Biswas)
((trixie.yap@thomsonreuters.com;))
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