Asia’s middle distillates markets turned quiet, after a flurry of activity in the previous trading session, as traders took to the sidelines to mull December supply-demand fundamentals.

Paper markets also recorded thinner spot liquidity on the window, as traders awaited a clearer direction on firm discussion levels for December spot cargoes from major refiners.

Spot cash premiums held its ground at 92 cents a barrel, amid the buy-sell gap on the window.

Refining margins GO10SGCKMc1 for 10ppm sulphur gasoil were little changed at slightly above $15 a barrel, reflecting the limited fluctuations in the paper markets.

Meanwhile, regrade JETREG10SGMc1 eased slightly from the previous trading session, slipping back to below $1 a barrel.

SINGAPORE CASH DEALS

– No deals for both fuels

REFINERY OUTAGES REF/OUT

– The gasoline-producing fluidic catalytic cracker (FCC) at Motiva Enterprises’ 626,000-barrel-per-day (bpd) Port Arthur, Texas refinery returned to normal operation on Monday after a malfunction, said people familiar with plant operations.

NEWS

– Indian Oil Corp IOC.NS said on Tuesday a fire at its Gujarat refinery had been fully extinguished and refinery operations were back to normal, even as the death toll rose to two.

– U.S. exports of crude oil to China, the world’s top oil importer, have rebounded in October from their lowest levels since 2020 amid weak Chinese fuel demand and refinery profits, but the outlook for growth in exports is glum, according to ship tracking service Kpler on Monday.

– Oil prices were little changed on Tuesday, awaiting further price direction from OPEC’s monthly report, with investor disappointment over China’s latest stimulus plan and oversupply concerns keeping buying interest at bay.

– India and Saudi Arabia were the top destinations for Russian seaborne fuel oil and vacuum gasoil (VGO) exports in October, traders said and LSEG data showed.
Source: Reuters (Reporting by Trixie Yap; Editing by Shreya Biswas and Vijay Kishore)