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Asia Distillates-Gasoil cash premiums rise, cracks climb further

    SINGAPORE, May 20 (Reuters) - Asia's cash premiums for 10 ppm gasoil inched up on Thursday
after middle distillate inventories in Singapore dropped to a two-week low, while the front
month spread for the industrial fuel held near its widest backwardation in three months.
    Cash differentials for gasoil with 10 ppm sulphur content GO10-SIN-DIF were at a premium
of 17 cents per barrel to Singapore quotes, compared with 16 cents per barrel a day earlier.
    The front-month time spread for 10 ppm gasoil were at 16 cents per barrel on
Thursday, as against 13 cents a barrel on Wednesday.
    Refining margins, or cracks, for 10 ppm gasoil jumped to $8.98 per barrel over
Dubai crude during Asian trading hours, the strongest since April 2020. 
    But any further upside to the gasoil market fundamentals would likely be limited as several
countries in the region have renewed or extended lockdowns to contain fresh waves of COVID-19
infections, trade sources said.
    
    PETROCHINA SHIPS JET FUEL TO JUNTA-RULED MYANMAR
    - PetroChina International Singapore Pte Ltd sold a cargo of jet fuel into Myanmar in April,
according to government import data reviewed by Reuters, the first such shipment since before
the military seized power in a coup in February.
    - Industry sources say suppliers have been particularly wary of selling jet fuel because it
could be used in planes to bomb ethnic armed groups that have been supporting anti-junta
protesters, as well as in civilian airliners.
    
    INVENTORIES
    - Singapore's middle distillate inventories slipped 2.5% to 13.6 million barrels in the week
to May 19, according to Enterprise Singapore data.
    - Weekly Singapore middle distillate inventories have averaged 14.1 million barrels so far
this year, compared with an average of 13.9 million barrels in 2020, Reuters calculations
showed. This week's stocks were 3.8% lower than a year earlier.
    - U.S. distillate stockpiles fell by 2.3 million barrels in the week to May 14, versus
expectations for a 386,000-barrel drop, the Energy Information Administration said on Wednesday.

    
    TENDERS
    - Bahrain Petroleum Co (Bapco) was ofering 40,000 to 60,000 tonnes of 10ppm gasoil for
loading over June 18-21, an industry source said.
    
    SINGAPORE CASH DEALS
    - One gasoil deal, one jet fuel trade
    
    OTHER NEWS
    - Indian refiners and at least one European refiner are re-evaluating their crude purchases
to make room for Iranian oil in the second half of this year, anticipating that U.S. sanctions
will be lifted, company officials and trading sources said.
    - Australia's biggest fuel supplier, Ampol Ltd, said on Thursday it would invest at
least A$100 million ($77 million) on developing new fuels over the next five years, including
green hydrogen and increased electric vehicle charging.
    
    ASSESSMENTS
 MID-DISTILLATES                                                                          
 CASH ($/T)             ASIA CLOSE       Change   % Change   Prev Close  RIC
 Spot Gas Oil 0.5%                71.12    -0.81      -1.13       71.93  GO-SIN
 GO 0.5 Diff                      -2.19    -0.15       7.35       -2.04  GO-SIN-DIF
 Spot Gas Oil 0.25%               71.33    -0.75      -1.04       72.08  GO25-SIN
 GO 0.25 Diff                     -1.98    -0.09       4.76       -1.89  GO25-SIN-DIF
 Spot Gas Oil 0.05%               71.46    -0.75      -1.04       72.21  GO005-SIN
 GO 0.05 Diff                     -1.85    -0.09       5.11       -1.76  GO005-SIN-DIF
 Spot Gas Oil 0.001%              73.48    -0.65      -0.88       74.13  GO10-SIN
 GO 0.001 Diff                     0.17     0.01       6.25        0.16  GO10-SIN-DIF
 Spot Jet/Kero                    70.81    -0.75      -1.05       71.56  JET-SIN
 Jet/Kero Diff                    -0.14    -0.11     366.67       -0.03  JET-SIN-DIF
                                                                                          
 For a list of derivatives prices, including margins,                                     
 please double click the RICs below.                                     
 Brent M1                                                                                 
 Gasoil M1                                                                                
 Gasoil M1/M2                                                                             
 Gasoil M2                                                                                
 Regrade M1                                                                               
 Regrade M2                                                                               
 Jet M1                                                                                   
 Jet M1/M2                                                                                
 Jet M2                                                                                   
 Gasoil 500ppm-Dubai                                                                      
 Cracks M1                                                               
 Gasoil 500ppm-Dubai                                                                      
 Cracks M2                                                               
 Jet Cracks M1                                                                            
 Jet Cracks M2                                                                            
 East-West M1                                                                             
 East-West M2                                                                             
 LGO M1                                                                                   
 LGO M1/M2                                                                                
 LGO M2                                                                                   
 Crack LGO-Brent M1                                                                       
 Crack LGO-Brent M2                                                                       
 
 (Reporting by Koustav Samanta; editing by Uttaresh.V)
  
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