SINGAPORE, Jan 28 (Reuters) - Asia's cash differentials for 10 ppm gasoil climbed on
Thursday, helped by firmer demand for physical cargoes, while middle distillate stocks in
Singapore slumped to their lowest level in more than six months.
Cash discounts for gasoil with 10 ppm sulphur content narrowed 24 cents a
barrel to Singapore quotes, compared with a discount of 28 cents per barrel a day earlier.
The front-month time spread for the benchmark gasoil grade in Singapore
traded at a discount of 11 cents per barrel on Thursday. The spread has narrowed its contango by
80% over the last three months, trimming the earlier incentive for traders to store the product.
"New COVID-19 restrictions announced in Europe and Asia over Q4 20 and early-Q1 21 are
weighing heavily on personal mobility at present, but they are likely to be eased in the spring
as vaccination rollouts increase," consultancy Energy Aspects said in a monthly note.
"Diesel demand will only improve further once curfews and other restrictions are relaxed in
the spring. Until then, the market must be careful when pricing in a recovery, as it risks
bringing back supply prematurely."
Refining margins, or cracks, for 10 ppm gasoil rose to $6.18 a barrel over
Dubai crude during Asian trading hours on Thursday, up from $5.57 per barrel in the previous
session.
INVENTORIES
- Singapore's middle distillate inventories dropped 7.2% to 14.1 million barrels in the week
to Jan. 27, according to Enterprise Singapore data.
- Weekly Singapore middle distillate inventories have averaged 14.6 million barrels so far
this year, compared with an average of 13.9 million barrels in 2020, Reuters calculations
showed. This week's stocks were 25.5% higher than a year ago.
- U.S. distillate stockpiles fell by 815,000 barrels in the week to Jan. 22, the Energy
Information Administration said on Wednesday, compared with analysts' expectations in a Reuters
poll for a 361,000-barrel drop.
SINGAPORE CASH DEALS
- No gasoil deals, no jet fuel trades
OTHER NEWS
- Three consortia including Asian shipyards are preparing to compete to build Brazil's
Petrobras' first two in-house platforms in more than seven years, according to four
people familiar with the tender who declined to be named as the information is private.
Samsung Heavy Industries Co, Hyundai Heavy Industries Holding Co Ltd
and Daewoo Heavy Industries & Machinery Ltd have formed separate consortia that are expected to
bid after seven months of preparations, the sources said. Offers are due on Monday, Feb. 1.
ASSESSMENTS
MID-DISTILLATES
CASH ($/T) ASIA CLOSE Change % Change Prev Close RIC
Spot Gas Oil 0.5% 59.02 -0.37 -0.62 59.39
GO 0.5 Diff -1.68 0.02 -1.18 -1.7
Spot Gas Oil 0.25% 59.12 -0.37 -0.62 59.49
GO 0.25 Diff -1.58 0.02 -1.25 -1.6
Spot Gas Oil 0.05% 59.39 -0.37 -0.62 59.76
GO 0.05 Diff -1.31 0.02 -1.50 -1.33
Spot Gas Oil 0.001% 60.47 -0.34 -0.56 60.81
GO 0.001 Diff -0.24 0.04 -14.29 -0.28
Spot Jet/Kero 58.06 -0.34 -0.58 58.4
Jet/Kero Diff -0.23 0.04 -14.81 -0.27
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 Ramakrishnan M.)
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