Asia Distillates-Window activity muted; CPC Corp and GS Caltex offer June spot

Reuters
13 May
Asia Distillates-Window activity muted; CPC Corp and GS Caltex offer June spot

SINGAPORE, May 13 (Reuters) - Asia's middle distillates markets started off the shortened trading week with a flurry of spot sale tenders from northeast Asian refiners, though window activity was slightly muted compared with last week's closing.

More June spot offers surfaced throughout the trading day, with both CPC Corp and GS Caltex out with their spot sale volumes in line with earlier expectations.

Traders were waiting to see if June spot levels would be similar to a month ago, given the slightly looser supply levels from before.

However, on the trading window, deals and discussions were scant given the wide buy-sell gap - ahead of the assessment month roll over at the end of the week.

The 10ppm sulphur gasoil cash differentials GO10-SIN-DIF tracked movements in the paper market structure in the afternoon, closing at 86 cents per barrel, as the bids and offers were minimal on window.

Refining margins GO10SGCKMc1 rebounded to $15.5, erasing some of last week's weakness.

For jet fuel, the Asia-US west coast arbitrage continued to dampen trading sentiment, with shipping enquiries remaining few. Spot cash differentials JET-SIN-DIF slipped as lower offers were prevalent on the window

Regrade JETREG10SGMc1 widened slightly as a result to discounts of 85 cents per barrel.

SINGAPORE CASH DEALS O/AS

- No deals for both fuels

INVENTORIES

- U.S. crude oil and gasoline stocks likely fell last week, while distillate inventories likely rose, a preliminary Reuters poll found on Monday. EIA/S

REFINERY NEWS REF/OUT

- Chevron CVX.N is attempting to restart the El Segundo, California refinery after taking units offline last week, sources familiar with plan operations said on Monday.

- Hunt Refining restarted its 50,000-barrel-per-day petroleum refinery in Tuscaloosa, Alabama, over the past weekend after a fire shut down the entire refinery, IIR Energy said on Monday.

NEWS

- Iraq is set to export 3.2 million barrels per day of crude oil in May and June, an Iraqi official with knowledge of the matter told Reuters, in what would amount to a significant reduction from previous months.

- Japan's top oil refiner, Eneos Holdings, plans to increase investment in low-carbon energy such as liquefied natural gas and sustainable aviation fuel, while slowing efforts in cleaner alternatives like hydrogen, its CEO said on Monday.

- Egypt's Suez Canal Authority chief, Osama Rabie, said the authority is considering offering discounts ranging from 12% to 15% on transit fees to help restore traffic in the strategic waterway reeling from attacks by Yemen's Houthis on Red Sea shipping.

- Saudi Arabia's crude oil supply to China is set to hold steady in June, trade sources said on Tuesday.

- The European Union does not intend to revive its imports of Russian energy after a potential peace deal between Ukraine and Russia, the bloc's Energy Commissioner said on Tuesday.

PRICES

MIDDLE DISTILLATES

CASH ($/BBL)

ASIA CLOSE

Change

Prev Close

RIC

Spot Gas Oil 0.5%

74.81

2.03

72.78

GO-SIN

GO 0.5 Diff

-5.26

0.02

-5.28

GO-SIN-DIF

Spot Gas Oil 0.25%

78.49

2.03

76.46

GO25-SIN

GO 0.25 Diff

-1.58

0.02

-1.60

GO25-SIN-DIF

Spot Gas Oil 0.05%

79.98

2.03

77.95

GO005-SIN

GO 0.05 Diff

-0.09

0.02

-0.11

GO005-SIN-DIF

Spot Gas Oil 0.001%

80.93

2.04

78.89

GO10-SIN

GO 0.001 Diff

0.86

0.02

0.84

GO10-SIN-DIF

Spot Jet/Kero

79.45

1.72

77.73

JET-SIN

Jet/Kero Diff

0.36

-0.27

0.62

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 Janane Venkatraman)

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

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