Reuters logo
Asia Distillates-Gasoil prices edge up as crude falls
April 5, 2012 / 6:59 AM / 5 years ago

Asia Distillates-Gasoil prices edge up as crude falls

SINGAPORE, April 5 (Reuters) - Asian gasoil differentials
edged up on Thursday as underlying crude prices fell, driving
buying sentiment, traders said.	
    The cash differential for the benchmark 0.5 percent sulphur
and 500 ppm sulphur gasoil gained three and five cents
respectively, Reuters data showed, to parity with Singapore
quotes and a premium of $1.95 a barrel respectively, 	
    Gasoil margins, however, continued to fall with the
front-month gasoil crack clipped 53 cents to $15.17 a barrel
over Dubai crude prices.	
    Persistently high crude prices, which have climbed from the
start of the year, have been dampening demand from countries
like Indonesia, traders said.	
    "Vietnam has been buying, but Indonesia on the other is only
buying hand to mouth, and they are a much bigger buyer than
Vietnam," a Singapore-based trader said.	
    Indonesia is expected to import about 4.2 million barrels in
April and is expected to seek most of the volumes through its
term sellers.	
    In the Singapore trading period, Hin Leong snapped up
200,000 barrels of jet fuel for loading in late-April, helping
to improve differentials for the product slightly.	
    Arbitrage economics to send the product to Europe is
slightly workable, traders said. But no shipping fixtures were
seen for cargoes to be loaded from North Asia to Europe.	
    In Japan, kerosene stocks fell 22,000 kilolitres (138,376
barrels) to 1.62 million in the week ended March 31, the latest
data from the Petroleum Association of Japan (PAJ) showed.	
    Gasoil exports, however, nearly halved likely due to an
increase in reconstruction demand for diesel, traders said.
 	
    In the Middle East, Kuwait Petroleum Corp offered its second
high sulphur gasoil cargo for April, which could weaken
differentials for the grade.	
    More supply and less spot demand from Yemen, as it resumes
its fuel pact with Saudi Arabia, could weigh on the high sulphur
gasoil market, traders said.      	
 <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
    For exchange of futures for swaps (EFS) curve, click
 
 ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
    	
    * TENDERS: Kuwait Petroleum Corp has offered 40,000 tonnes
of 0.2 percent sulphur gasoil for loading over April 20-21. The
tender closed on April 5, with same-day validity. 	
    	
    * CASH DEALS: Two jet deals, two gasoil deals. 	
    - Hin Leong bought two cargoes of 100,000 barrels each for
loading over April 20-24 from Shell, first at a discount of 30
cents a barrel to Singapore quotes, and later at a discount of
25 cents a barrel.	
    - Trafigura bought 150,000 barrels of 500 ppm sulphur gasoil
for loading over April 20-24 from PetroChina at a premium of $2
a barrel to Singapore quotes.	
    - Hin Leong sold 250,000 barrels of 0.25 percent sulphur
gasoil for loading over May 1-5 to PetroChina at a premium of
$1.10 a barrel to Singapore quotes.	
    	
    	
 MID-DISTILLATES                                                                                    
 CASH ($/T)                  ASIA CLOSE             Change   % Change   Prev Close  RIC
 Spot Gas Oil 0.5%                          135.09    -1.53      -1.12      136.62  GO-SIN
 GO 0.5 Diff                                  0.00     0.03    -100.00       -0.03  GO-SIN-DIF
 Spot Gas Oil 0.25%                         136.24    -1.56      -1.13      137.80  GO25-SIN
 GO 0.25 Diff                                 1.15     0.00       0.00        1.15  GO25-SIN-DIF
 Spot Gas Oil 0.05%                         137.04    -1.51      -1.09      138.55  GO005-SIN
 GO 0.05 Diff                                 1.95     0.05       2.63        1.90  GO005-SIN-DIF
 Spot Gas Oil 0.001%                        138.09    -1.51      -1.08      139.60  GO10-SIN
 GO 0.001 Diff                                3.00     0.05       1.69        2.95  GO10-SIN-DIF
 Spot Jet/Kero                              135.06    -1.83      -1.34      136.89  JET-SIN
 Jet/Kero Diff                               -0.20     0.05     -20.00       -0.25  JET-SIN-DIF
                                                                                                    
 SWAPS  ($/T)                ASIA CLOSE (0830 GMT)  Change   % Change   Prev Close  PM (1130 GMT)
 Brent M1                                   123.39    -1.20      -0.96      124.59              
 Gasoil M1                                  135.11    -1.54      -1.13      136.65             
 Gasoil M1/M2                                 0.05     0.04     400.00        0.01              
 Gasoil M2                                  135.06    -1.58      -1.16      136.64             
 Regrade M1                                   0.08    -0.37     -82.22        0.45               
 Regrade M2                                   0.33    -0.25     -43.10        0.58               
 Jet M1                                     135.19    -1.91      -1.39      137.10              
 Jet M1/M2                                   -0.20    -0.08      66.67       -0.12               
 Jet M2                                     135.39    -1.83      -1.33      137.22              
 Gasoil 0.5%-Dubai Cracks                    15.17    -0.53      -3.38       15.70             
 M1                                                                                 
 Gasoil 0.5%-Dubai Cracks                    15.81    -0.55      -3.36       16.36             
 M2                                                                                 
 Jet Cracks M1                               15.50    -0.78      -4.79       16.28              
 Jet Cracks M2                               16.34    -0.78      -4.56       17.12              
 East-West M1                                -6.43    -0.22       3.54       -6.21              
 East-West M2                                -8.05    -0.89      12.43       -7.16              
 LGO M1                                    1013.00   -11.25      -1.10     1024.25           
 LGO M1/M2                                   -1.25    -0.37      42.05       -0.88              
 LGO M2                                    1014.25   -10.88      -1.06     1025.13           
 Crack LGO-Brent M1                          12.75    -0.26      -2.00       13.01             
 Crack LGO-Brent M2                          13.13    -0.31      -2.31       13.44             
 	
    	
	
 (Reporting by Jessica Jaganathan; Editing by Ed Davies)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below