November 27, 2019 / 10:52 AM / 2 months ago

Asia Distillates-Gasoil cracks gain, cash premiums crawl up

    SINGAPORE, Nov 27 (Reuters) - Asian refining margins for 10ppm gasoil climbed on Wednesday,
while cash premiums for the industrial and transportation fuel inched higher amid a slight
uptick in buying interests in the physical market.
    Refining margins, also known as cracks, for 10 ppm gasoil rose to $14.80 a
barrel over Dubai crude during Asian trade, up from $14.66 a barrel on Tuesday.
    Cracks for the benchmark gasoil grade in Singapore, which have dropped about 11% in the last
four weeks, were currently about 1% lower than their seasonal average for this time of the year
in the last three years, Refinitiv Eikon data showed. 
    The gasoil market would likely bottom out sometime soon as some refinery run cuts are
underway, which would help tighten supplies to an extent, a trader said on Wednesday.
    Cash premiums for gasoil with 10 ppm sulphur content GO10-SIN-DIF were at 18 cents a
barrel to Singapore quotes on Wednesday, 2 cents higher from a day earlier.
    The front-month time spread for 10ppm gasoil widened by 5 cents to trade at a
premium of 20 cents a barrel on Wednesday, Refinitiv data showed.
    Meanwhile, cash differentials for jet fuel JET-SIN-DIF were at a discount of 61 cents per
barrel to Singapore quotes on Wednesday, compared with a discount of 62 cents on Tuesday. 
    Jet fuel cracks eased to $14.15 per barrel over Dubai crude on Wednesday,
compared with $14.21 per barrel in the previous session. 
    - Middle-distillate inventories in the Fujairah Oil Industry Zone fell 14.1% from a week
earlier to 3 million barrels in the week to Nov. 25, data via S&P Global Platts showed.

    - Stocks of middle distillates in the Fujairah oil hub have averaged 2.2 million barrels so
far in 2019, Reuters calculations showed. This compares with a weekly average of 2.8 million
barrels in 2018.
    - Compared with year-ago levels, weekly Fujairah middle distillate stocks were 34.5% higher.
    - U.S. crude stocks rose last week while gasoline inventories increased and distillate
stocks fell, data from industry group the American Petroleum Institute showed on Tuesday.

    - Crude inventories rose by 3.6 million barrels in the week to Nov. 22 to 449.6 million,
compared with analysts' expectations for a decrease of 418,000 barrels.
    - Distillate fuels stockpiles, which include diesel and heating oil, fell by 665,000
barrels, compared with expectations for a 750,000-barrel gain, the API data showed.
    - No gasoil trades, no jet fuel deals.
    - For more information, please click
    - OPEC countries, which are meeting next week to discuss their level of oil output, should
make the right decision for the global economy, which remains "very fragile", the head of the
International Energy Agency told Reuters on Tuesday.
    - Oil fell on Wednesday after an industry report showed an unexpected build in U.S. crude
inventories, but optimism around the signing of the first phase of a U.S.-China trade deal
capped a deeper slide in prices.
 CASH ($/T)            ASIA CLOSE       Change   % Change   Prev Close  RIC
 Spot Gas Oil 0.5%               74.00     1.09       1.49       72.91  GO-SIN
 GO 0.5 Diff                     -3.25     0.03      -0.91       -3.28  GO-SIN-DIF
 Spot Gas Oil 0.25%              74.37     1.08       1.47       73.29  GO25-SIN
 GO 0.25 Diff                    -2.88     0.02      -0.69       -2.90  GO25-SIN-DIF
 Spot Gas Oil 0.05%              76.90     1.08       1.42       75.82  GO005-SIN
 GO 0.05 Diff                    -0.35     0.02      -5.41       -0.37  GO005-SIN-DIF
 Spot Gas Oil 0.001%             77.43     1.09       1.43       76.34  GO10-SIN
 GO 0.001 Diff                    0.18     0.02      12.50        0.16  GO10-SIN-DIF
 Spot Jet/Kero                   76.02     0.88       1.17       75.14  JET-SIN
 Jet/Kero Diff                   -0.61     0.01      -1.61       -0.62  JET-SIN-DIF
 For a list of derivatives prices, including margins, please double                    
 click the RICs below.                                                  
 Brent M1                                                                              
 Gasoil M1                                                                             
 Gasoil M1/M2                                                                          
 Gasoil M2                                                                             
 Regrade M1                                                                            
 Regrade M2                                                                            
 Jet M1                                                                                
 Jet M1/M2                                                                             
 Jet M2                                                                                
 Gasoil 500ppm-Dubai                                                                   
 Cracks M1                                                              
 Gasoil 500ppm-Dubai                                                                   
 Cracks M2                                                              
 Jet Cracks M1                                                                         
 Jet Cracks M2                                                                         
 East-West M1                                                                          
 East-West M2                                                                          
 LGO M1                                                                                
 LGO M1/M2                                                                             
 LGO M2                                                                                
 Crack LGO-Brent M1                                                                    
 Crack LGO-Brent M2                                                                    
 (Reporting by Koustav Samanta; Editing by Maju Samuel)
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