for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

Asia Distillates-Gasoil cash differentials climb to over 2-month high

    SINGAPORE, Aug 19 (Reuters) - Asia's cash premiums for 10 ppm gasoil inched higher on
Thursday to their highest in more than two months after middle distillate inventories in
Singapore slumped to their lowest level since January last year.
    Cash differentials for gasoil with 10 ppm sulphur content GO10-SIN-DIF were at a premium
of 12 cents per barrel to Singapore quotes, a level not seen since May 27, thanks to active
buying interest in the physical trade window.
    Lower exports from China have tightened the regional gasoil market, while easing lockdowns
amid relatively lesser virus cases in India are helping demand to recover, trade sources said.
    The Sept/Oct time spread for the benchmark gasoil grade in Singapore stayed
in a backwardated structure on Thursday to trade at 15 cents per barrel, Refinitiv Eikon data
showed.
    Refining margins for 10 ppm gasoil rose to $8.40 per barrel over Dubai crude
during Asian trading hours, up from $7.94 per barrel on Wednesday.
    
    INVENTORIES
    - Singapore's middle distillate inventories dropped 4.8% to 10.6 million barrels in the week
to Aug. 18, according to Enterprise Singapore data.
    - Weekly Singapore middle distillate inventories have averaged 13.2 million barrels this
year, compared with an average of 13.9 million barrels in 2020, Reuters calculations showed.
This week's stocks were 25% lower than a year earlier.
    - U.S. distillate inventories, which include diesel and heating oil, fell by 2.7 million
barrels in the week to Aug. 13, versus expectations for a 276,000-barrel rise, the Energy
Information Administration said on Wednesday.
    
    SINOPEC LAUNCHES GULEI REFINING COMPLEX
    - China Petroleum and Chemical Corp, also known as Sinopec, has launched the first phase of
the Gulei refining complex in Zhangzhou city in China's southeastern Fujian province, the
company said in a statement on Thursday.
    - The complex, a 50:50 joint venture between Sinopec's Fujian Petrochemical and Taiwan
Xuteng Investment, targets to churn out 18 chemical products, including polypropylene, ethylene
glycol and styrene, with total output reaching 3 million tonnes per year.
    
    SINGAPORE CASH DEALS
    - Two 10 ppm gasoil trades, no jet fuel deals
    
    OTHER NEWS
    - Oil dropped to $66 a barrel on Thursday, its lowest since May, pressured by concerns about
weaker demand as COVID-19 cases rise, a stronger U.S. dollar and a surprise increase in U.S.
gasoline inventories.
    
    ASSESSMENTS
 MID-DISTILLATES                                                                      
 CASH ($/T)           ASIA CLOSE       Change   % Change   Prev Close  RIC
 Spot Gas Oil 0.5%              68.94    -2.85      -3.97       71.79  GO-SIN
 GO 0.5 Diff                    -3.43     0.01      -0.29       -3.44  GO-SIN-DIF
 Spot Gas Oil 0.25%             69.04    -2.85      -3.96       71.89  GO25-SIN
 GO 0.25 Diff                   -3.33     0.01      -0.30       -3.34  GO25-SIN-DIF
 Spot Gas Oil 0.05%             69.13    -2.85      -3.96       71.98  GO005-SIN
 GO 0.05 Diff                   -3.24     0.01      -0.31       -3.25  GO005-SIN-DIF
 Spot Gas Oil 0.001%            72.49    -2.85      -3.78       75.34  GO10-SIN
 GO 0.001 Diff                   0.12     0.01       9.09        0.11  GO10-SIN-DIF
 Spot Jet/Kero                  69.72    -2.94      -4.05       72.66  JET-SIN
 Jet/Kero Diff                   0.05    -0.01     -16.67        0.06  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 Ramakrishnan M.)
  
for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up