Asia Distillates-Jet fuel markets on fire; regrade hits 11-month high
SINGAPORE, Oct 24 (Reuters) -Asia's middle distillates markets continued to see robust trading activity as buying interest from regional players stayed firm, especiallyfor jet fuel, as tight market fundamentals remained a key focus.
Jet fuel markets continued to be on fire, two trade sources said, adding that Japan buying interest also re-emerged for November cargoes providing further demand support.
The arbitrage for Asia to the U.S. west coast also remains economically feasible for sellers to send their cargoes there in the near-term, one of the sources added.
Several cargoes were being discussed at premiums of $1.50-2 per barrel for mid- to second-half November loading, with offers coming up from Middle East and India as well.
Cash premiums for the aviation and heating fuel hovered at slightly more than eight-month highs of 85 cents a barrel. JET-SIN-DIF
Regrade JETREG10SGMc1 closed the trading session at an 11-month high of 90 cents a barrel, reflecting the market's strength.
Talks of lowered jet fuel exports from China for November, with some key oil majors shifting their volumes for gasoline exports instead, contributed to price and market firmness, a third source said.
For gasoil, traders were expecting markets to remain in flat to slight premiums in the near-term given the regional supply limitations. Markets were comparatively quieter in comparison.
Refining margins for 10ppm sulphur gasoil GO10SGCKMc1 gained to a two-week high of $14 a barrel, following five straight sessions of gains.
SINGAPORE CASH DEALS O/AS
- One jet fuel deal, no gasoil deal.
INVENTORIES
- U.S. crude oil inventories rose sharply last week as imports ticked higher, while gasoline stocks rose unexpectedly as refineries ramped up output after seasonal maintenance, Energy Information Administration (EIA) data showed on Wednesday. EIA/S
- Singapore's middle distillates stocks fell for the third straight week to below 9 million barrels, as gains in net exports of jet fuel offset a drop in gasoil exports, official data showed on Thursday. O/SING1
REFINERY NEWS REF/OUT
- Marathon Petroleum MPC.N began preparing on Wednesday to restart the hydrocracker and a reformer at its 631,000 barrel-per-day (bpd) Galveston Bay Refinery in Texas City, Texas, said people familiar with plant operations.
- Iraq's Kerbala refinery will operate at around 50% capacity in the coming days, an official source told Reuters.
The refinery will process around 60,000 barrels per day as four of its eight heat exchanger units will stay offline for extensive maintenance, the source added.
NEWS
- Oil prices rose more than 1% on Thursday, reversing some of the previous session's losses, as the Middle East conflict and reports of North Korean troops ready to help Russia in Ukraine kept traders on edge ahead of the U.S. presidential election. O/R
- Mexican state oil company Pemex aims to increase its hydrocarbon reserves and ensure their restitution during the government of newly elected President Claudia Sheinbaum, according to an internal Pemex document seen by Reuters on Wednesday.
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PRICES
MIDDLE DISTILLATES | ||||
CASH ($/BBL) | ASIA CLOSE | Change | Prev Close | RIC |
Spot Gas Oil 0.5% | 82.27 | 0.58 | 81.70 | GO-SIN |
GO 0.5 Diff | -5.86 | 0.00 | -5.86 | GO-SIN-DIF |
Spot Gas Oil 0.25% | 87.87 | 0.58 | 87.29 | GO25-SIN |
GO 0.25 Diff | -0.26 | 0.00 | -0.26 | GO25-SIN-DIF |
Spot Gas Oil 0.05% | 88.04 | 0.58 | 87.47 | GO005-SIN |
GO 0.05 Diff | -0.09 | 0.00 | -0.09 | GO005-SIN-DIF |
Spot Gas Oil 0.001% | 88.71 | 0.57 | 88.14 | GO10-SIN |
GO 0.001 Diff | 0.57 | -0.01 | 0.58 | GO10-SIN-DIF |
Spot Jet/Kero | 89.88 | 1.25 | 88.63 | JET-SIN |
Jet/Kero Diff | 0.85 | 0.32 | 0.53 | 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 Cracks M1 | GOSGCKMc1 | |||
Gasoil 500ppm-Dubai Cracks M2 | GOSGCKMc2 | |||
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 | |||
Reporting by Trixie Yap; Editing by Janane Venkatraman
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