Asia’s spot middle distillates benchmarks remained steadily in discounts as of Monday as weak demand-supply fundamentals persisted.

The spot gasoil differential was pegged at a discount of 26 cents a barrel on Monday, weakening from the previous session, underpinned by regional ample supply.

Refining margins rebounded slightly on Monday after sliding to a more than a one-month low last week, climbing to $15.50 a barrel at the Asia close.

On the jet fuel front, spot discounts held near 40 cents a barrel, while a buy-sell gap continued.

Meanwhile, the Singapore regrade spread held at discounts of more than $1 a barrel, broadly steady from last week.

SINGAPORE CASH DEALS

– No gasoil deal, no jet fuel deal.

REFINERY NEWS

– A Ukrainian drone damaged infrastructure a Russia’s export-oriented Tuapse oil refinery, largest on the coast of the Black Sea, officials said on Monday, while the ensuing fire was extinguished.

– U.S. oil refiners are expected to have about 579,000 barrels per day of capacity offline in the week ending July 26, increasing available refining capacity by 74,000 bpd, research company IIR Energy said on Monday.

NEWS

– Nigeria’s Dangote refinery is in talks with Libya to secure crude for the 650,000 barrels per day plant and will also seek Angolan oil, a senior executive said, as it seeks to overcome problems with domestic supplies.

– A tanker involved in a collision near Singapore last week entered the area of Malaysia’s Bertam floating oil terminal on Monday after being found and intercepted by Malaysian authorities, shipping data from LSEG and Kpler showed.

– Australia’s Woodside Energy said on Monday it had agreed to buy U.S. liquefied natural gas developer Tellurian, including its U.S. Gulf Coast Driftwood LNG export project, for $1.2 billion including debt.
Source: Reuters (Reporting by Jeslyn Lerh; Editing by Shailesh Kuber)