SINGAPORE, Feb 23 (Reuters) - Asia's diesel spot discussions were slightly thin amid a weaker paper market backwardation, though traders eyed more March refiner sales, while the jet fuel window was bustling with March buying activity.
Spot activity will gradually pick up this week as some refiners have yet to clear their March sales requirement, though discussions could still remain in the discounted territory, several trade sources say.
Regionally, at least one southeast Asian exporter also started spot offers for March shipments
On the demand front, prompt buying interest from Indonesia's Pertamina emerged via a tender that closes today. [MDIS/TENDA}
The 10ppm sulphur gasoil refining margins GO10SGCKMc1 were little changed at around $21.5 a barrel.
Cash differentials GO10-SIN-DIF slipped to its lowest since February 5, easing to $1.05 a barrel, in line with the softening market structure and lower-priced offers on the trading window.
Meanwhile, jet fuel spot activity on the trading window stayed upbeat as Vitol continued with its March purchases - extending their buys from last month.
The Western trading major has so far bought 400,000 barrels of the aviation and heating fuel for March 5-14 delivery, data from trade sources show.
Regrade JETREG10SGMc1 discounts reduced, hitting its narrowest since end-January of around 35 cents per barrel.
SINGAPORE CASH DEALS O/AS
- No gasoil deal, two jet fuel deals
NEWS
- Australia's top fuel retailer Ampol reported a better-than-expected annual profit on Monday, driven by strong refining margins at its Lytton refinery in Queensland and a robust performance from its convenience retail operations.
- Indonesian state oil and gas firm Pertamina said on Friday that energy product imports from the U.S. will still be conducted through a bidding process following the conclusion of a trade deal between the two countries.
- State energy major Saudi Aramco has sold several cargoes of ultra light crude oil from its $100 billion Jafurah gas plant to U.S. majors and an Indian refiner as it prepares to export its first cargo later this month, four trade sources said.
- Oil prices fell about 1% on Monday as the U.S. and Iran prepared for a third round of nuclear talks, easing fears of an escalating conflict, while President Donald Trump's fresh tariff hikes created uncertainty for global growth and fuel demand. O/R
PRICES
MIDDLE DISTILLATES | ||||
CASH ($/BBL) | ASIA CLOSE | Change | Prev Close | RIC |
Spot Gas Oil 0.25% | 90.29 | -1.05 | 91.34 | GO25-SIN |
GO 0.25 Diff | -0.59 | -0.05 | -0.54 | GO25-SIN-DIF |
Spot Gas Oil 0.05% | 90.95 | -1.05 | 92.00 | GO005-SIN |
GO 0.05 Diff | 0.06 | -0.06 | 0.12 | GO005-SIN-DIF |
Spot Gas Oil 0.001% | 91.93 | -1.24 | 93.17 | GO10-SIN |
GO 0.001 Diff | 1.05 | -0.25 | 1.29 | GO10-SIN-DIF |
Spot Jet/Kero | 91.81 | -0.73 | 92.54 | JET-SIN |
Jet/Kero Diff | 1.29 | 0.05 | 1.25 | 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 Ronojoy Mazumdar)
((trixie.yap@thomsonreuters.com;))