Asia Distillates-Window activity upbeat; markets await Dec refiner sales
SINGAPORE, Nov 4 (Reuters) -Asia's middle distillates markets kicked off the trading week with plentiful window trades, with traders also awaiting December refiner sales to start soon in the next few days.
Talks of refiners likely to start their term negotiations for 2025 emerged as well, several trade sources said.
Meanwhile, China's export barrels are likely to stay curtailed for middle distillates, given the rise in gasoline exports, with diesel volumes estimated at less than 400,000 metric tons for November so far.
Exports for the aviation and heating fuel from China are likely to total 1.4-1.5 million tons for November, according to several trade sources, adding that these volumes involved those for aviation bunkering purposes.
Refining margins GO10SGCKMc1 for December 10ppm sulphur gasoil retreated at the start of the week to slightly below $15.5 a barrel
Cash differentials GO10-SIN-DIF gained further to $1.21 a barrel as some traders continued their buying spree on window against a backdrop of a steeper backwardation in the swaps market.
Meanwhile, regrade JETREG10SGMc1 narrowed slightly to premiums of around 60 cents a barrel, reflecting the slightly stronger performance in gasoil paper markets.
SINGAPORE CASH DEALS O/AS
- Two gasoil deals, two jet fuel deals
REFINERY NEWS REF/OUT
- Russia plans to take 1.8 million metric tons of refining capacity offline in November, an increase of 49% from an earlier plan, increasing the amount of crude oil available for export, Reuters calculations based on data from industry sources show.
NEWS
- OPEC+ has agreed to delay a planned December oil output increase by one month, the group said on Sunday, as weak demand, notably from China and rising supply outside the group maintain downward pressure on the oil market.
- Chinese refiners are expected to reduce fuel output for the rest of the year and maintain lower run rates in the first quarter of 2025 despite a seasonal demand uptick, as profit margins and fuel consumption in road transport remain weak.
- Oil prices extended gains on Monday, rising more than $1 on a decision by OPEC+ to delay by a month plans to increase output, while the market braced for a week that spans a U.S. presidential election and a key meeting in China. O/R
- South Korean refiners reported on Monday sharp losses in the third quarter from oil refining, but expect their margins to recover in the fourth quarter with peak winter demand and refinery run cuts in Asia.
PRICES
MIDDLE DISTILLATES | ||||
CASH ($/BBL) | ASIA CLOSE | Change | Prev Close | RIC |
Spot Gas Oil 0.5% | 83.95 | -0.10 | 84.04 | GO-SIN |
GO 0.5 Diff | -5.57 | 0.13 | -5.70 | GO-SIN-DIF |
Spot Gas Oil 0.25% | 89.97 | -0.10 | 90.06 | GO25-SIN |
GO 0.25 Diff | 0.45 | 0.13 | 0.32 | GO25-SIN-DIF |
Spot Gas Oil 0.05% | 90.15 | -0.10 | 90.24 | GO005-SIN |
GO 0.05 Diff | 0.63 | 0.13 | 0.50 | GO005-SIN-DIF |
Spot Gas Oil 0.001% | 90.72 | -0.05 | 90.78 | GO10-SIN |
GO 0.001 Diff | 1.21 | 0.17 | 1.03 | GO10-SIN-DIF |
Spot Jet/Kero | 90.63 | -0.61 | 91.24 | JET-SIN |
Jet/Kero Diff | 0.91 | -0.01 | 0.93 | 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 Tasim Zahid
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