Asia Distillates-Spot activity upbeat; key South Korea majors offer Sept cargoes
SINGAPORE, Aug 13 (Reuters) -Asia's middle distillates markets continued to record upbeat spot activity both in the open trading window and on a sale tenders front, with prices also on a slight incline against a backdrop of firmer futures markets.
Paper markets were also heavily discussed for September, contributing further to a quicker pace of trading liquidity.
South Korea's major refiners emerged from the sidelines with their September offers for both gasoil and jet fuel, in line with earlier expectations.
However, a portion of the market stayed bearish on near-term regional demand outlooks, given slower buying interest and unchanged spot discussion levels.
Meanwhile, some hope in the market remained that traders were still seeking to ship larger volumes out of Asia via supertankers in the recent weeks, given the ongoing supply glut expected regionally until September.
Refining margins GO10SGCKMc1 clawed back some losses from the two-month low levels in the previous session to around $16 a barrel.
Spot market discounts GO10-SIN-DIF narrowed for the fifth session in a row to a discount of 20 cents a barrel, reflecting the strong buying interest from Trafigura in the open window.
On the jet fuel front, demand remains curtailed as the summer demand is not as strong as expected even for August, two refinery sources said.
In southeast Asia, August domestic seat capacity is still lagging by 11.3% from the same month in 2019, while international capacity is 8.9% behind for the same period comparison, flight analytics data from OAG showed. However, international seat capacity numbers in the region have growth for the past consecutive three months.
Regrade JETREG10SGMc1 narrowed back to a discount of around 90 cents a barrel.
SINGAPORE CASH DEALS O/AS
- One gasoil deal, no jet fuel deal.
INVENTORIES
- U.S. crude oil and fuel inventories likely fell last week, a preliminary Reuters poll showed on Monday. EIA/S
NEWS
- Oil prices edged lower on Tuesday, breaking a five-day streak of gains, as markets refocused on concerns about demand after OPEC on Monday cut its forecast for demand growth in 2024 due to softer expectations in China. O/R
- The U.S. is seeking to buy another 6 million barrels of oil from energy companies to help replenish the Strategic Petroleum Reserve (SPR), the Department of Energy said on Monday.
- OPEC on Monday cut its forecast for global oil demand growth in 2024 citing softer expectations for China, a reduction that highlights the dilemma faced by the wider OPEC+ group in raising production from October.
- The International Energy Agency (IEA) kept its 2024 global oil demand growth forecast unchanged on Tuesday, but trimmed its 2025 estimate, citing the impact of Chinese consumption.
PRICES
MIDDLE DISTILLATES | ||||
CASH ($/BBL) | ASIA CLOSE | Change | Prev Close | RIC |
Spot Gas Oil 0.5% | 89.58 | 2.04 | 87.55 | GO-SIN |
GO 0.5 Diff | -6.37 | 0.01 | -6.38 | GO-SIN-DIF |
Spot Gas Oil 0.25% | 94.93 | 2.04 | 92.90 | GO25-SIN |
GO 0.25 Diff | -1.02 | 0.01 | -1.03 | GO25-SIN-DIF |
Spot Gas Oil 0.05% | 94.15 | 2.04 | 92.12 | GO005-SIN |
GO 0.05 Diff | -1.80 | 0.01 | -1.81 | GO005-SIN-DIF |
Spot Gas Oil 0.001% | 95.76 | 2.07 | 93.68 | GO10-SIN |
GO 0.001 Diff | -0.20 | 0.05 | -0.24 | GO10-SIN-DIF |
Spot Jet/Kero | 94.65 | 1.97 | 92.68 | JET-SIN |
Jet/Kero Diff | -0.36 | 0.00 | -0.36 | 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
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