Asia’s spot middle distillates premiums softened on Monday, with some physical window deals emerging again after several thin trading sessions.

Cash premiums for both gasoil and jet fuel were pegged lower, reflecting lower-priced trades for prompt loading dates in the second half of December.

The refining margin for 10ppm sulphur gasoil held stable near premiums of $15.30 a barrel on Monday, remaining capped due to incremental regional supply.

Meanwhile, the regrade spread closed at a premium of 56 cents a barrel, narrowing from the previous session.

SINGAPORE CASH DEALS

– No gasoil deal, no jet fuel deal.

REFINERY NEWS

– Taiwan’s Formosa Petrochemical Corp is operating its refinery at a reduced rate of 410,000 barrels per day due to maintenance at its delayed coker unit (DCU) this month, its spokesperson KY Lin said on Monday.

NEWS

– Top oil exporter Saudi Arabia is expected to slash crude prices for Asian buyers in January to the lowest in years, largely tracking a slump in Middle East benchmark prices last month, traders said on Monday.

– Russia’s government lifted a temporary ban on the bulk of gasoline exports supplied by producers while extending the restrictions for other exporters, such as independent traders.

– Trafigura and three other defendants, including a former board member, go on trial over the alleged payment of bribes to an Angolan oil official for oil deals in a landmark case that opens on Monday.
Source: Reuters (Reporting by Jeslyn Lerh; Editing by Tasim Zahid)