Asia’s middle distillates markets were thinly discussed at the start of the trading week, with a buy-sell gap still hindering trades and talks of April refiner offers emerging.

Some traders heard offers from South Korean oil majors, but further details could not be clear.

Sentiment stayed mixed in paper markets, though a handful of traders were cautious about sufficient Asian supplies in the near term.

Refining margins (GO10SGCKMc1) plummeted to more than a one-month low at around $14.5 a barrel, reflecting weakness in paper markets.

Cash differentials (GO10-SIN-DIF) closed the trading session slightly higher on some higher early April bids, but window offers were generally scant.

Regrade (JETREG10SGMc1) was valued at slightly above $1.1 a barrel at Monday’s close, little changed from the previous trading session.

SINGAPORE CASH DEALS

– No deals for both fuels

NEWS

– In one of his first meetings with oil and gas executives since being confirmed as U.S. energy secretary, Chris Wright said he intended to speed up permitting and support the industry, attendees told Reuters.

– Singapore, the world’s largest bunker hub for ships, has launched a new standard for methanol bunkering, the Maritime and Port Authority of Singapore (MPA) said on Monday.

– The U.S. government is studying ways it could ease sanctions on Russia’s energy sector as part of a broad plan to enable Washington to deliver swift relief if Moscow agrees to end the Ukraine war, according to two sources familiar with the matter.

– China’s newest refiner Shandong Yulong Petrochemical is expected to start test operating its second crude oil processing unit late this month, trading sources with knowledge of the plant’s operations said on Monday.
Source: Reuters