June 16, 2020 / 11:20 AM / 18 days ago

Asia Distillates-Gasoil cash premiums climb to over 4-month high

    SINGAPORE, June 16 (Reuters) - Asia's cash premiums for 10-ppm gasoil rose to their highest
in more than four months on Tuesday, aided by steady buying interest for physical cargoes, while
refining margins for the fuel climbed for a second consecutive session to their strongest in
eight weeks.
    The recent uptick in the region's industrial activity after the easing of coronavirus
containment measures has helped the gasoil market over the last couple of weeks, but traders
were concerned that a resurgence of the virus might play a dampener to demand recovery.
    Refining margins, also known as cracks, for gasoil with 10-ppm sulphur content
rose 51 cents to $6.97 a barrel over Dubai crude during Asian trade, the highest since April 20.
    Cash premiums for 10-ppm gasoil GO10-SIN-DIF rose 10 cents to 77 cents a barrel to
Singapore quotes, a level not seen since Feb. 4.
    Meanwhile, cash discounts for jet fuel JET-SIN-DIF widened to 78 cents a barrel to
Singapore quotes, compared with 59 cents per barrel a day earlier.
    The aviation fuel market will likely get some support in the coming weeks as regional
airlines are bringing grounded flights back in operation with more countries relaxing
coronavirus-related curbs on international travel, trade sources said.
    China and the United States will each allow four weekly flights between the two countries,
the U.S. Transportation Department said on Monday, while RBC Capital Markets said on Tuesday
domestic traffic in Australia could return quicker than Europe.

    - Two jet fuel trades, no gasoil deal
    - Oil prices made marginal gains on Tuesday, reversing out of earlier losses, as hopes for
further cuts in crude supplies took the sting out of concerns that a resurgence of new
coronavirus infections around the world could hamper fuel demand.
    - Cargo ship arrivals in Singapore, the world's top transhipment and bunkering hub,
plummeted to their lowest in nearly three decades in May, while dragging sales of marine fuels
to a three-month low, official data showed. 
 CASH ($/T)            ASIA CLOSE       Change   % Change   Prev Close  RIC
 Spot Gas Oil 0.5%               45.17     2.47       5.78       42.70  GO-SIN
 GO 0.5 Diff                     -1.48     0.05      -3.27       -1.53  GO-SIN-DIF
 Spot Gas Oil 0.25%              45.95     2.47       5.68       43.48  GO25-SIN
 GO 0.25 Diff                    -0.70     0.05      -6.67       -0.75  GO25-SIN-DIF
 Spot Gas Oil 0.05%              46.85     2.57       5.80       44.28  GO005-SIN
 GO 0.05 Diff                     0.20     0.14     233.33        0.06  GO005-SIN-DIF
 Spot Gas Oil 0.001%             47.41     2.51       5.59       44.90  GO10-SIN
 GO 0.001 Diff                    0.77     0.10      14.93        0.67  GO10-SIN-DIF
 Spot Jet/Kero                   40.93     1.36       3.44       39.57  JET-SIN
 Jet/Kero Diff                   -0.78    -0.19      32.20       -0.59  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 Subhranshu Sahu)
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