Asia’s 10-ppm sulphur gasoil margins were broadly steady at around $25 a barrel on cautious trading sentiment amid faster pace decreases of oil futures in the afternoon trading session on Monday.

The pace of trading activity stayed slow as participants were still waiting for a supply direction from key exporter China for April parcels.

Some talks have emerged that privately owned refiners there could be increasing April crude runs and exports if petrochemical margins improve, but further details could not be confirmed.

Cash differentials for 10 ppm sulphur gasoil kept steady against a buy-sell gap in the market.

Jet fuel refining margins fell to around $20.95 per barrel, with regrade widened further to more than a discount of $4 per barrel to mid-December levels, tracking the weak market sentiment.

SINGAPORE CASH DEALS

No deals for gasoil and jet fuel.

REFINERY MAINTENANCE

China’s state-owned refiner China National Petroleum Corporation (CNPC) will start maintenance at its Changqing refinery from April 1, according to a statement from a CNPC engineering firm that will participate in the overhaul. The refinery’s 100,000 barrel per day (bpd) crude distillation unit (CDU) and corresponding downstream units will be shut for around 55 days, the company added.

Sinopec’s Luoyang refinery will shut down its whole plant for a 54-days planned maintenance, starting from May 15, according to a statement from a Sinopec engineering firm that will participate in the overhaul.

NEWS

China exported 20% more gasoline and over 10 times more diesel in January and February than a year earlier, customs data showed on Saturday, after Beijing raised fuel export quotas to spur refinery output. Diesel shipments were 4.54 million tonnes, up from 420,000 tonnes a year ago. Jet fuel exports rose to 2.75 million tonnes, up dramatically from 1.23 million tonnes in the same period last year.

India plans to extend restrictions on the export of diesel and gasoline after the current fiscal year ends this month to ensure the availability of refined fuels for the domestic market, two government sources with direct knowledge of the matter said.

Shipments of refined products from oil major TotalEnergies’ TTE French sites was blocked on Monday for the 13th day of strike action, while some refineries were operating at a reduced flow, a company spokesperson said.
Source: Reuters