Spot premiums for gasoil fell on Tuesday on lower-priced offers, while market backwardation also weakened from the prior day.
The product cash differential GO10-SIN-DIF slipped to 93 cents a barrel, a near six-week low, while inter-month spread between March and April narrowed 5 cents day-on-day to $1.05 a barrel at the Asia close.
Selling interest persisted in the spot market, though this was met with thin buying interest.
Meanwhile, cracks for gasoil GO10SGCKMc1 rebounded slightly to close at $24 a barrel, LSEG data showed, largely tracking a rebound in European margins in the previous session.
On the jet fuel front, cash premiums and market backwardation have also weakened in recent sessions amid thin activity.
SINGAPORE CASH DEALS O/AS
– No deals for both fuels.
OTHER NEWS
– A U.S. threat to hit financial firms doing business with Russia with sanctions has chilled Turkish-Russian trade, disrupting or slowing some payments for both imported oil and Turkish exports, said seven sources familiar with the matter.
– Three tankers with Russian Sokol oil that had been stranded at sea due to payment problems and Western sanctions have started to move towards China and India, data from Kpler and LSEG showed.
– Russia’s largest oil producer Rosneft reported a 47.2% jump in 2023 net profit to 1.3 trillion roubles ($14.07 billion) and said it was working to build up its gas production capacity in the face of external restrictions on oil.
Source: Reuters (Reporting by Jeslyn Lerh; Editing by Varun H K)
