Asia’s middle distillates markets logged more window trading activity on Friday, with gasoil cash premiums edging higher amid stronger-priced trades.
The cash differential for 10ppm sulphur gasoil traded at 90 cents per barrel, with more bids emerging for loading dates in the second half of May.
Prompt availability still hinged on the tighter side, with inventories in Singapore remaining at relatively low levels despite a weekly uptick recently.
Refining margins for the product (GO10SGCKMc1) eased slightly from the previous session, closing below $16 a barrel.
Meanwhile, the regrade spread (JETREG10SGMc1) closed at a narrower discount of 57 cents per barrel on Friday.
SINGAPORE CASH DEALS
– Two deals for diesel, no deal for jet.
INVENTORIES
– Singapore inventories of diesel and jet fuel were at 8.73 million barrels in the week of April 30, slightly firmer from around 8.58 million barrels a week earlier, data from Enterprise Singapore showed.
– ARA’s gasoil stocks, which include diesel, were down by 5% at 2.1 million tons on slower imports and firm inland demand, data from Dutch consultancy Insights Global showed.
NEWS
– Oil prices fell on Friday, as traders squared positions ahead of an OPEC+ meeting and amid some scepticism about a potential de-escalation of the trade dispute between China and the United States.
– A vessel chartered by Chevron carrying some 300,000 barrels of Venezuelan oil was set to start discharging at a Venezuelan port on Thursday, according to shipping data and a source.
– Mexican state energy company Pemex’s new Olmeca refinery in March posted its highest crude processing and fuel production figures since it began reporting data in mid-2024, boosting the company’s refining arm even as its hydrocarbon output declines.
– QatarEnergy is in talks with Japanese firms for a long-term deal to supply LNG from its North Field expansion project, five trading and industry sources told Reuters.
Source: Reuters
