June 18, 2020 / 10:47 AM / 24 days ago

Asia Distillates-Gasoil cash premiums climb; Singapore middle distillate stocks drop

    SINGAPORE, June 18 (Reuters) - Asia's cash premiums for 10-ppm gasoil climbed further on
Thursday, buoyed by steady demand in the physical market, while weekly middle distillate
inventories in Singapore dropped to a 10-week low.
    Cash premiums for 10-ppm gasoil GO10-SIN-DIF rose 2 cents to 97 a barrel to Singapore
quotes, the highest since December 9 last year.
    The front-month time spread for the benchmark gasoil grade in Singapore
remained in backwardation to trade at a premium of 31 cents per barrel on Thursday.
    Refining margins or cracks for gasoil with 10-ppm sulphur content inched lower
by 15 cents to $7.28 a barrel over Dubai crude, partly hurt by stronger raw material crude
prices on Thursday.
    Meanwhile, cash discounts for jet fuel JET-SIN-DIF narrowed to 74 cents a barrel to
Singapore quotes, backed by a two stronger deals in the physical trade window in Singapore. They
were at a discount of 90 cents per barrel a day earlier.
    The aviation fuel market is expected to find support in coming weeks as more countries lift
coronavirus-led restrictions on air travel, trade sources said.
    Vietnam is holding talks aimed at easing the entry of citizens from China, South Korea and
Japan into the country after restrictions on foreign visitors amid the coronavirus pandemic, the
Ministry of Foreign Affairs said on Thursday.
    
    INVENTORIES
    - Singapore onshore middle distillate stocks fell 5.9% to 13.979 million barrels in the week
ended June 17, Enterprise Singapore data showed.
    - The weekly Singapore middle distillate inventories have averaged at 12.7 million barrels
so far in 2020, Reuters calculations showed. This week's stocks were 35.5% higher year-on-year.
    - U.S. distillate stockpiles fell by 1.4 million barrels in the week to 174.5 million
barrels, versus expectations for a 2.4 million-barrel rise, the Energy Information
Administration said on Wednesday.
    
    SINGAPORE CASH DEALS
    - Two jet fuel trades, no gasoil deal
    
    OTHER NEWS
    - Winson Oil Trading Pte Ltd has started legal proceedings against Standard Chartered Bank
(Singapore) Ltd to claim at least $30.4 million in payment for a diesel cargo it sold to Hin
Leong Trading Pte Ltd, court documents showed.
    
    ASSESSMENTS        
 MID-DISTILLATES                                                                         
 CASH ($/T)             ASIA CLOSE       Change   % Change   Prev Close  RIC
 Spot Gas Oil 0.5%                45.88    -0.81      -1.73       46.69  GO-SIN
 GO 0.5 Diff                      -1.17     0.13     -10.00       -1.30  GO-SIN-DIF
 Spot Gas Oil 0.25%               46.78    -0.91      -1.91       47.69  GO25-SIN
 GO 0.25 Diff                     -0.27     0.03     -10.00       -0.30  GO25-SIN-DIF
 Spot Gas Oil 0.05%               47.69    -0.95      -1.95       48.64  GO005-SIN
 GO 0.05 Diff                      0.64    -0.01      -1.54        0.65  GO005-SIN-DIF
 Spot Gas Oil 0.001%              48.02    -0.92      -1.88       48.94  GO10-SIN
 GO 0.001 Diff                     0.97     0.02       2.11        0.95  GO10-SIN-DIF
 Spot Jet/Kero                    42.15     0.29       0.69       41.86  JET-SIN
 Jet/Kero Diff                    -0.74     0.16     -17.78       -0.90  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 Ramakrishnan M.)
  
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