SINGAPORE, June 23 (Reuters) - Asian refining profit margins for 10 ppm gasoil slipped on
Tuesday as traders feared a widespread resurgence of the COVID-19 outbreak in the region would
likely dampen demand recovery.
Refining margins or cracks for gasoil with 10-ppm sulphur content dropped 41
cents to $$6.31 a barrel over Dubai crude during Asian trading hours, the lowest in more than a
week.
Seasonal turnarounds and rate cuts at refineries had helped rein in a supply overhang in the
region, but the gasoil market would come under pressure again as refineries ramp up production,
trade sources said.
Refinitiv oil research assessments showed that this month is expected to see top refining
countries in Asia raising run rates.
Cash premiums for 10-ppm gasoil GO10-SIN-DIF slipped to 67 cents a barrel to Singapore
quotes on Tuesday, down from 75 cents per barrel a day earlier.
Meanwhile, cash discounts for jet fuel JET-SIN-DIF were at 81 cents a barrel to Singapore
quotes on Tuesday, compared with a discount of 64 cents on Monday.
CHINA HITS BRAKES ON CRUDE IMPORTS
- China will press the brakes on crude imports in the third quarter, after record purchases
in recent months, as higher oil prices hurt demand and refiners worry about a second virus
outbreak, analysts and trade sources said.
- China imported a record 11.3 million barrels per day (bpd) of crude in May. But the
world's top crude importer is expected to receive around 0.8-1.3 million bpd less crude from
abroad in August and September than it did in May, analysts forecast.
SINGAPORE CASH DEALS
- No jet fuel trades, no gasoil deals
OTHER NEWS
- Oil prices steadied on Tuesday after a volatile session sparked by confusion over the
status of the U.S.-China trade deal.
- China aims to produce 1% more crude oil this year than in 2019 and to boost natural gas
output by 4.3%, official targets showed on Monday, as the country seeks to safeguard energy
security even after a coronavirus-driven collapse in oil prices.
ASSESSMENTS
MID-DISTILLATES
CASH ($/T) ASIA CLOSE Change % Change Prev Close RIC
Spot Gas Oil 0.5% 47.98 0.88 1.87 47.10 GO-SIN
GO 0.5 Diff -1.10 0.01 -0.90 -1.11 GO-SIN-DIF
Spot Gas Oil 0.25% 48.62 0.88 1.84 47.74 GO25-SIN
GO 0.25 Diff -0.46 0.01 -2.13 -0.47 GO25-SIN-DIF
Spot Gas Oil 0.05% 49.51 0.86 1.77 48.65 GO005-SIN
GO 0.05 Diff 0.43 -0.01 -2.27 0.44 GO005-SIN-DIF
Spot Gas Oil 0.001% 49.75 0.79 1.61 48.96 GO10-SIN
GO 0.001 Diff 0.67 -0.08 -10.67 0.75 GO10-SIN-DIF
Spot Jet/Kero 44.49 0.25 0.57 44.24 JET-SIN
Jet/Kero Diff -0.81 -0.17 26.56 -0.64 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 Sherry Jacob-Phillips)
