Asia Distillates-Jet fuel cash premiums gain; gasoil hits new year-high


Asia Distillates-Jet fuel cash premiums gain; gasoil hits new year-high

SINGAPORE, April 24 (Reuters) – Asia’s jet fuel cash differentials climbed on Tuesday to the highest in over two weeks, lifted by expectations for strong summer travelling demand amid tightening supplies, while cash premiums for 10ppm gasoil hit a fresh high for this year.

Cash differentials for jet fuel JET-SIN-DIF gained to $1.09 a barrel to Singapore quotes, up from 99 cents on Monday.

“People are really bullish on jet fuel going forward and that is reflecting in the data we’re getting on demand and cargo flows. Aviation demand should keep good support and there’s also not much of supply,” a Singapore-based trader said.

Meanwhile, cash differentials for gasoil with 10 ppm sulphur content GO10-SIN-DIF edged higher to 55 cents a barrel to Singapore quotes, up from 54 cents on Monday.

Gasoil cash premiums are at their highest levels since S&P Global Platts switched the benchmarks in gasoil grades in January this year to maximum sulphur content of 10 ppm sulphur, from 500 ppm sulphur previously.

The ongoing seasonal refinery turnarounds in Asia have started to tighten supplies for middle distillates in the region, trade sources said.

TENDERS

– Sri Lanka’s Ceylon Petroleum Corp (Ceypetco) is seeking a combination cargo of 150,000 barrels of 500ppm sulphur gasoil, 123,000 barrels of 92RON gasoline and 47,000 barrels of 95RON gasoline for June 4-5 delivery in a tender that closes on April 24 with a validity of three days.

SINGAPORE CASH DEALS:

– No gasoil deal, no jet fuel trade. O/AS

OTHER

– China’s diesel exports hit all-time highs in March as refineries churned out fuel in record volumes, outpacing domestic demand, according to China’s General Administration of Customs on Monday. Oil rose above $75 a barrel to its highest since November 2014, supported by OPEC-led production cuts, strong demand and the prospect of renewed U.S. sanctions on Iran. O/R

– Iran’s oil minister said there would be no need to extend a pact between OPEC and non-OPEC producers aimed at bolstering oil prices if the crude price continued to rise, the ministry’s official website SHANA reported on Monday. As OPEC’s efforts to balance the oil market bear fruit, U.S. producers are reaping the benefits – and flooding Europe with a record amount of crude. Iraq will hold an auction to award exploration and development contracts to international companies on Thursday, the oil ministry said in a statement. Iraq is offering 11 new blocks for exploration in border areas with Iran and Kuwait and in offshore Gulf waters. ($/T)

ASIA CLOSE

Change

% Change

Prev

RIC

Close

Spot Gas Oil 0.5%

85.27

1.12

1.33

84.15 GO-SIN GO 0.5 Diff

-1.28

0.00

0.00

-1.28 GO-SIN-DIF Spot Gas Oil 0.25%

85.19

1.13

1.34

84.06 GO25-SIN GO 0.25 Diff

-1.36

0.01

-0.73

-1.37 GO25-SIN-DIF Spot Gas Oil 0.05%

86.59

1.14

1.33

85.45 GO005-SIN GO 0.05 Diff

0.03

0.01

50.00

0.02 GO005-SIN-DIF Spot Gas Oil 0.001%

87.10

1.13

1.31

85.97 GO10-SIN GO 0.001 Diff

0.55

0.01

1.85

0.54 GO10-SIN-DIF Spot Jet/Kero

88.03

1.21

1.39

86.82 JET-SIN Jet/Kero Diff

1.09

0.10

10.10

0.99 JET-SIN-DIF

For a list of derivatives prices, including margins, please

double click the RICs below.

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

GOSGCKMc1

Cracks M1

Gasoil 500ppm-Dubai

GOSGCKMc2

Cracks M2

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

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