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Asia Distillates-Spot July tenders emerge; regrade discount at six-month low



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SINGAPORE, June 11 (Reuters) -Asia's middle distillates markets spot activity increased pace after several refiners kickstarted their July discussions, while regrade discount hit a near six-month low as jet fuel fundamentals continued to strengthen.

At least two South Korean refiners were out offering their July spot cargoes, in line with earlier market expectations, and traders were awaiting to see how much would be sold these few days to gauge refinery runs there.

Meanwhile, prompt demand also emerged from some spot buyers in southeast Asia for both gasoil and jet fuel, contributing further to the liquidity.

Refining margins GO10SGCKMc1 for July 10ppm sulphur gasoil closed the session at slightly above $15 a barrel.

Spot market discounts GO10-SIN-DIF were little changed at 17 cents a barrel from the previous trading session, given the paper market's contango shape and overall limited lower-priced sellers in the market.

Buying interest was slightly tepid in the open trading market ahead of mid-month.

Meanwhile, traders were waiting to see how jet fuel offers pan out from northeast Asian refiners to determine July supply balance, as discussions will likely start soon.

Demand drivers have been supportive so far, with both Vietnam and Indonesia out with their July requirements at least, and cargo flows to the U.S. West Coast ongoing for most parts of June, one refinery source said.

Flows to the U.S. West Coast, however, may be shaky if the arbitrage narrows in the near-term, a separate source said.

Regrade JETREG10SGMc1 narrowed to a discount of 65 cents a barrel as a result.


SINGAPORE CASH DEALS O/AS

- No deals for both fuels


INVENTORIES

- U.S. crude oil stockpiles were expected to have fallen while product inventories likely rose last week, a preliminary Reuters poll showed on Monday. EIA/S


NEWS

- Saudi crude oil exports to China will fall in July for a third straight month to about 36 million barrels amid plant maintenance and as some refiners opted for other sources of cheaper oil, several trade sources said on Tuesday.

- Oil prices traded lower on Tuesday as investors waited for key U.S. inflation data and the outcome of the Federal Reserve's policy meeting to glean a clearer picture of where inflation is heading and how that will affect fuel demand. O/R

- Global commodities trader Glencore has won a tender to supply crude oil to Prax's 113,000-barrel per day Lindsey oil refinery in Britain, replacing rival trader Trafigura, three sources with knowledge of the deal told Reuters.


PRICES

MIDDLE DISTILLATES





CASH ($/BBL)

ASIA CLOSE

Change

Prev Close

RIC

Spot Gas Oil 0.5%

90.33

2.28

88.05

GO-SIN

GO 0.5 Diff

-6.40

-0.03

-6.37

GO-SIN-DIF

Spot Gas Oil 0.25%

95.02

2.53

92.49

GO25-SIN

GO 0.25 Diff

-1.71

0.23

-1.94

GO25-SIN-DIF

Spot Gas Oil 0.05%

95.92

2.57

93.35

GO005-SIN

GO 0.05 Diff

-0.81

0.26

-1.07

GO005-SIN-DIF

Spot Gas Oil 0.001%

96.56

2.28

94.28

GO10-SIN

GO 0.001 Diff

-0.17

-0.03

-0.14

GO10-SIN-DIF

Spot Jet/Kero

97.22

3.16

94.06

JET-SIN

Jet/Kero Diff

0.67

0.19

0.48

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 Tasim Zahid

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