Asia’s middle distillates markets were again bereft of deals at the start of the trading week, though more China-origin jet fuel were on offer for April shipment as refiners trudged on with their regular sale activities.
The arbitrage window for Asia-origin jet fuel exports to the U.S. west coast market remained open though shipping enquiries have yet to emerge.
Meanwhile, more offers for gasoil also emerged from South Korea, with GS Caltex offering its fourth cargo loading in April and Hyundai Oilbank also offering higher-sulphur gasoil.
Slow demand from several regional importers continue to put downside pressures on the market, two trade sources said.
Bids were scant once again on the open trading window, though lower-priced offers turned aplenty.
The 10ppm spot cash differentials (GO10-SIN-DIF) slipped to 14 cents a barrel reflecting the narrower paper market backwardation, while jet fuel spot differentials (JET-SIN-DIF) rose to their highest level since early March.
On Monday, refining margins (GO10SGCKMc1) were little changed at around $13.70 a barrel.
Regrade (JETREG10SGMc1) continued to hover at around 90 cents per barrel.
SINGAPORE CASH DEALS
– No deals for both fuels
NEWS
– Iraq’s oil minister Hayan Abdel-Ghani has said Iranian oil tankers seized by U.S. forces in the Gulf were using forged Iraqi documents.
– U.S. and Russian officials began talks in Saudi Arabia on Monday aimed at making progress towards a broad ceasefire in Ukraine with Washington eyeing a separate Black Sea maritime ceasefire deal before securing a wider agreement.
– Top Chinese refining major Sinopec Corp will prioritise ‘risk control’ in purchasing Russian oil, which has similar quality for its value versus competing global supplies, a top company executive said on Monday.
Source: Reuters