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Asia Distillates-Gasoil steady, jet fuel firms slightly

Friday, 29 November 2024 | 01:00

Asia’s gasoil market was largely stable on Thursday amid thin trade, while jet fuel logged mild gains amid higher-priced bids for December loading dates.

The cash premium for 10ppm sulphur gasoil continued to hold near 50 cents a barrel, largely rangebound in recent sessions.

Singapore’s middle distillates inventories advanced for a fifth straight week to their highest in seven weeks, led by limited gasoil exports.

Meanwhile, the refining margin for gasoil continued to trek softer, sliding towards levels near $15.50 a barrel, per LSEG data at Asia close (0830 GMT).

As for jet fuel, the market’s cash premium inched higher as bids firmed for December-loading parcels.

SINGAPORE CASH DEALS

– No gasoil deal, no jet fuel deal.

INVENTORIES

– Singapore’s middle distillates inventories climbed for a fifth straight week to 10.37 million barrels, holding at a seven-week high, official data showed.

NEWS

– Oil producers in Canada and Mexico will likely be forced to reduce prices and divert supply to Asia if U.S. President-elect Donald Trump imposes 25% tariffs on crude imports from the two countries, traders and analysts said.

– The OPEC+ alliance of oil-producing countries has postponed its next meeting on output policy to Dec. 5 from Dec. 1 to avoid a conflict with another event, OPEC said on Thursday.

– United Arab Emirates state oil group ADNOC on Wednesday announced the launch of XRG, an investment company focusing on lower-carbon energy and chemicals, valued at more than $80 billion.
Source: Reuters (Reporting by Jeslyn Lerh; Editing by Savio D’Souza)

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