SINGAPORE, Jan 23 (Reuters) - Asia's diesel market structures were firmer week on week, buoyed by stronger front-month price performance in the West, despite overall regional fundamentals being little changed.
While the east-west price spreads were at the widest discounts since just over a month ago in the past few trading sessions, discounts turned slightly narrower at $42-$43 a ton by market close.
On the spot front, regional refiners proceeded with February sales, though discussion levels continued to hover in the discounted territory.
Refining margins GO10SGCKMc1 eased slightly from the previous trading session to $21.2 a barrel, though they remained more than $2 a barrel higher from a week earlier.
The 10ppm sulphur gasoil cash differentials GO10-SIN-DIF gained to premiums of 21 cents per barrel, also higher from a week earlier.
Meanwhile, for jet fuel, market structures recovered slightly from the previous session.
The remaining February-loading jet fuel cargoes were being discussed at discounts linked to FOB Singapore quotes, with more offers in the market from a handful of northeast Asian refiners.
Regrade JETREG10SGMc1 discounts were slightly narrower at around minus 30 cents per barrel.
SINGAPORE CASH DEALS O/AS
- One gasoil deal, no jet fuel deal
INVENTORIES
- Total oil product stocks independently held in the Amsterdam-Rotterdam-Antwerp $(ARA)$ refining and storage hub rose by over 1% on the week to their highest since March, data from Dutch consultancy Insights Global showed on Thursday. ARA/
- U.S. crude, gasoline and distillate inventories rose last week as both refinery and consumer demand slumped, the Energy Information Administration said on Thursday. EIA/S
REFINERY NEWS REF/OUT
- Marathon Petroleum MPC.N reported on Thursday that a fluid catalytic cracking unit (FCCU) experienced operational issues at its 631,000‑barrel‑per‑day Galveston Bay refinery in Texas, according to a regulatory filing.
NEWS
- Oil prices rebounded on Friday after U.S. President Donald Trump renewed threats against major Middle Eastern producer Iran, raising concerns of military action that could disrupt supplies. O/R
- Oil production at Kazakhstan's vast Tengiz oil field, one of the world's largest, did not resume after it had been shut down on Monday, Interfax said on Friday, citing Kazakh oil producer Tengizchevroil $(TCO)$, which is led by Chevron CVX.N.
- Trading house Trafigura sold its first cargo of Venezuelan crude oil as part of a 50-million-barrel supply deal between Caracas and Washington, industry sources said on Thursday, with Spanish refiner Repsol set to take the shipment.
PRICES
MIDDLE DISTILLATES | ||||
CASH ($/BBL) | ASIA CLOSE | Change | Prev Close | RIC |
Spot Gas Oil 0.25% | 83.94 | -1.23 | 85.17 | GO25-SIN |
GO 0.25 Diff | -0.05 | 0.04 | -0.09 | GO25-SIN-DIF |
Spot Gas Oil 0.05% | 83.98 | -1.11 | 85.09 | GO005-SIN |
GO 0.05 Diff | -0.01 | 0.16 | -0.17 | GO005-SIN-DIF |
Spot Gas Oil 0.001% | 84.20 | -1.23 | 85.43 | GO10-SIN |
GO 0.001 Diff | 0.21 | 0.04 | 0.17 | GO10-SIN-DIF |
Spot Jet/Kero | 84.59 | -0.94 | 85.53 | JET-SIN |
Jet/Kero Diff | 0.90 | 0.04 | 0.86 | 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)
((trixie.yap@thomsonreuters.com;))