SINGAPORE, Dec 2 (Reuters) - Asian refining margins for 10 ppm gasoil dropped on Wednesday, weighed down by feeble demand and expectations for a rise in near-term supplies.
Refining margins, also known as cracks, for 10 ppm gasoil GO10SGCKMc1 fell to $5.27 a barrel over Dubai crude during Asian trade, down from a more than three-month high of $5.72 per barrel a day earlier.
Cracks for the benchmark gasoil grade in Singapore have climbed about 5% in the last two weeks, but a Singapore-based trader said they might come under pressure due to ample availability of supplies relative to current demand.
The Dec/Jan time spread for 10 ppm gasoil GO10SGSPDMc0 widened its contango structure by 2 cents on Wednesday to trade at a discount of 22 cents per barrel, Refinitiv Eikon data showed.
Cash discounts for gasoil with 10 ppm sulphur content GO10-SIN-DIF widened for a second consecutive session to 23 cents a barrel to Singapore quotes on Wednesday, compared with a 21-cent discount on Tuesday.
INVENTORIES
- Middle-distillate inventories in the Fujairah Oil Industry Zone dropped 12.8% to 5.4 million barrels in the week ended Nov. 30, data via S&P Global (NYSE:SPGI) Platts showed. FUJAIRAH/
- The weekly stocks in Fujairah have averaged 4.1 million barrels so far in 2020, compared with the weekly average of 2.4 million barrels in 2019, Reuters calculations showed.
- U.S. distillate stockpiles, which include diesel and heating oil, rose by 334,000 barrels in the week to Nov. 27, compared with expectations for a draw of 209,000 barrels, data from industry group the American Petroleum Institute (API) showed on Tuesday. API/S
SINGAPORE CASH DEALS O/AS
- No gasoil deals, no jet fuel trades
OTHER NEWS
- Oil prices were steady on Wednesday as the market awaits a pact from producers on output and Britain became the first country to approve a COVID-19 vaccine for use, boosting hopes for a future recovery in oil demand. O/R
ASSESSMENTS
MID-DISTILLATES
CASH ($/T)
ASIA CLOSE
Change % Change Prev Close RIC Spot Gas Oil 0.5%
50.50
-0.94
-1.83
51.44 GO-SIN GO 0.5 Diff
-1.32
-0.01
0.76
-1.31 GO-SIN-DIF Spot Gas Oil 0.25%
50.80
-0.94
-1.82
51.74 GO25-SIN GO 0.25 Diff
-1.02
-0.01
0.99
-1.01 GO25-SIN-DIF Spot Gas Oil 0.05%
50.95
-0.94
-1.81
51.89 GO005-SIN GO 0.05 Diff
-0.87
-0.01
1.16
-0.86 GO005-SIN-DIF Spot Gas Oil 0.001%
51.59
-0.95
-1.81
52.54 GO10-SIN GO 0.001 Diff
-0.23
-0.02
9.52
-0.21 GO10-SIN-DIF Spot Jet/Kero
50.17
-0.72
-1.41
50.89 JET-SIN Jet/Kero Diff
-0.25
0.02
-7.41
-0.27 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
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