November 29, 2019 / 11:46 AM / 2 months ago

Asia Distillates-Cracks under pressure due to ample supplies

    SINGAPORE, Nov 29 (Reuters) - Asian refining margins for 10ppm gasoil extended losses from
the previous session to fall to a four-session low of under $14.50 a barrel on Friday, weighed
down by abundant supplies. 
    - Although gasoil stocks in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub
declined by nearly 3% in the week to Thursday to reach an eight-and-a-half-month low of 2.34
million tonnes, the current levels were 15.1% higher than a year ago, data from Dutch consultancy
Insights Global showed.
    - Similarly, although the middle distillates inventories were at a two-week low, the current
stock levels were still marginally higher than a year ago, official data showed.
    * TENDERS: Energy traders Unipec and Vitol are set to win a tender placed by Bangladesh
Petroleum Corp (BPC) to buy up to 1.06 million tonnes of oil products in the first half of 2020
after placing the lowest offers, a BPC official said on Friday. 
    - The state-owned company is seeking 760,000-880,000 tonnes of gasoil with a sulphur content
of 500 parts per million, 110,000 tonnes of jet fuel, 40,000 tonnes of 180-centistoke
high-sulphur fuel oil and 30,000 tonnes of 95-octane gasoline.
    * OTHER NEWS: Mexico's state-run oil company Pemex has been fighting for almost a year in
court to suspend a rule issued by the previous government, requiring the nationwide sale of clean
diesel to start this year, court documents seen by Reuters show.
    - Mexico does not produce enough ultra-low sulfur diesel (ULSD) to satisfy the demand the new
rule - which was issued by the nation's energy regulator in 2016 - would create. 
 CASH ($/T)                    ASIA CLOSE       Change  % Change  Prev Close   RIC
 Spot Gas Oil 0.5%                       73.71    0.30      0.41        73.41  GO-SIN
 GO 0.5 Diff                             -3.22    0.00      0.00        -3.22  GO-SIN-DIF
 Spot Gas Oil 0.25%                      74.33    0.35      0.47        73.98  GO25-SIN
 GO 0.25 Diff                            -2.60    0.05     -1.89        -2.65  GO25-SIN-DIF
 Spot Gas Oil 0.05%                      76.61    0.30      0.39        76.31  GO005-SIN
 GO 0.05 Diff                            -0.32    0.00      0.00        -0.32  GO005-SIN-DIF
 Spot Gas Oil 0.001%                     76.98    0.22      0.29        76.76  GO10-SIN
 GO 0.001 Diff                            0.05   -0.08    -61.54         0.13  GO10-SIN-DIF
 Spot Jet/Kero                           76.09    0.47      0.62        75.62  JET-SIN
 Jet/Kero Diff                           -0.50    0.01     -1.96        -0.51  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 10ppm-Dubai Cracks M1                                                                    
 Gasoil 10ppm-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 Seng Li Peng; Editing by Maju Samuel)
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