Asia Distillates-Spot liquidity stays high; Vitol buys more on window
SINGAPORE, Oct 14 (Reuters) -Asia's middle distillates markets continued to record brisk activity in the trading window and on a derivatives basis, with more refiners starting their November spot sales.
Up to seven November-loading cargoes from South Korea's key refiners are available for sale so far, traders said, adding that a few jet fuel cargoes are also privately on offer.
Traders are waiting to have a clearer direction on the volumes for November spot sales to determine the fundamental forward drivers, given that most scheduled refinery maintenances are likely to end regionally by next month.
On the window, Vitol snapped up two cargoes at premiums of more than 40 cents a barrel. The western trading major has so far bought 1.2 million barrels on the trading window for delivery between Oct. 22 and Nov. 7, Reuters records showed.
There could be some short covering involved from these buying activities, one Singapore-based trade source said.
Premiums GO10-SIN-DIF closed the trading session at 44 cents a barrel.
Meanwhile, refining margins GO10SGCKMc1 were little changed at slightly below $14 a barrel. Markets were mostly on a downtrend, weighed on by weakness in the crude markets as well.
Jet fuel wise, spot activity remained muted on the window.
Regrade JETREG10SGMc1 narrowed to 5 cents a barrel, reflecting the paper market weakness for gasoil in comparison with jet fuel.
SINGAPORE CASH DEALS O/AS
- Two gasoil deals, no jet fuel deals.
NEWS
- The United States expanded sanctions against Iran's petroleum and petrochemical sectors on Friday in response to an Iranian missile attack on Israel, the administration of President Joe Biden said.
- China's oil imports fell in September by 0.6% from a year earlier, data showed on Monday, as plants curbed purchases because of weak domestic fuel demand and narrowing export margins.
- Sales of marine bunker fuel at Singapore eased for a second consecutive month in September, though marine biofuel sales surged to a fresh record high, data from the Maritime and Port Authority of Singapore showed on Monday.
PRICES
MIDDLE DISTILLATES | ||||
CASH ($/BBL) | ASIA CLOSE | Change | Prev Close | RIC |
Spot Gas Oil 0.5% | 84.55 | -0.94 | 85.49 | GO-SIN |
GO 0.5 Diff | -5.96 | -0.02 | -5.94 | GO-SIN-DIF |
Spot Gas Oil 0.25% | 89.98 | -0.94 | 90.92 | GO25-SIN |
GO 0.25 Diff | -0.53 | -0.02 | -0.51 | GO25-SIN-DIF |
Spot Gas Oil 0.05% | 90.32 | -0.94 | 91.26 | GO005-SIN |
GO 0.05 Diff | -0.19 | -0.02 | -0.17 | GO005-SIN-DIF |
Spot Gas Oil 0.001% | 90.95 | -0.93 | 91.88 | GO10-SIN |
GO 0.001 Diff | 0.44 | -0.01 | 0.46 | GO10-SIN-DIF |
Spot Jet/Kero | 89.96 | -1.24 | 91.20 | JET-SIN |
Jet/Kero Diff | -0.28 | -0.18 | -0.10 | 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 Mrigank Dhaniwala
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