SINGAPORE, Jan 30 (Reuters) - Window spot activity for Asia's middle distillates turned quiet on Friday, amid easing timespreads, as traders awaited March discussions that begin in the next week.
The east-west price spreads widened slightly week on week, with values trading at discounts of $45 to $46 per metric ton on Friday, while freight rates on the Middle East-Europe route were at around $50 per ton.
Traders were expecting March selling interest to emerge next week and prop up spot trading liquidity.
Refining margins GO10SGCKMc1 rose to around $21.7 a barrel, up 50 cents from a week earlier.
Cash differentials GO10-SIN-DIF were up for much of the week, regaining ground to more than one-month highs of 55 cents per barrel on Friday.
Jet fuel markets were thinly discussed, with supply expectations still ample in the short run, given earlier offers from key China oil majors for February exports.
Regrade JETREG10SGMc1 discounts continue to deepen to around minus $1.20 a barrel.
SINGAPORE CASH DEALS O/AS
- No deal for gasoil or jet fuel
INVENTORIES
- Gasoline stocks held independently in the Amsterdam-Rotterdam-Antwerp $(ARA)$ refining and storage hub fell 6.4% on the week, data from Dutch consultancy Insights Global showed on Thursday. ARA/
NEWS
- The administration of President Donald Trump lifted some sanctions on Venezuela’s oil industry on Thursday to make it easier for U.S. companies to sell its crude, and said more restrictions on the country would be lifted soon.
- U.S. refiner Valero Energy on Thursday kicked off the earnings season for refiners in the United States with strong fourth-quarter profits, on a rebound in margins and higher throughput volume.
- Oil prices slipped on Friday on signs the U.S. may engage in dialogue with Iran over its nuclear programme, easing concerns of supply disruptions from a plausible U.S. attack; however, prices were on track for major monthly gains on rising geopolitical tensions. O/R
PRICES
MIDDLE DISTILLATES | ||||
CASH ($/BBL) | ASIA CLOSE | Change | Prev Close | RIC |
Spot Gas Oil 0.25% | 88.40 | 0.17 | 88.23 | GO25-SIN |
GO 0.25 Diff | 0.13 | -0.02 | 0.15 | GO25-SIN-DIF |
Spot Gas Oil 0.05% | 88.44 | 0.17 | 88.27 | GO005-SIN |
GO 0.05 Diff | 0.17 | -0.02 | 0.19 | GO005-SIN-DIF |
Spot Gas Oil 0.001% | 88.82 | 0.20 | 88.61 | GO10-SIN |
GO 0.001 Diff | 0.55 | 0.02 | 0.53 | GO10-SIN-DIF |
Spot Jet/Kero | 87.78 | 0.09 | 87.69 | JET-SIN |
Jet/Kero Diff | 0.60 | -0.04 | 0.64 | 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 Diti Pujara)
((trixie.yap@thomsonreuters.com;))