asia

Asia Distillates-Gasoil cash premiums at over 1-year high as cargo demand firms | Reuters


    SINGAPORE, Sept 13 (Reuters) - Asia's cash premiums for 10 ppm gasoil rose for a third
straight session on Monday, soaring to their highest in more than 13 months, buoyed by firmer
buying interest for physical cargoes amid limited regional supplies.
    Cash differentials for gasoil with 10 ppm sulphur content GO10-SIN-DIF, which have more
than quadrupled in the last two weeks, were at a premium of 39 cents per barrel to Singapore
quotes, a level not seen since late July last year.
    Lower Indian and Chinese exports into the region in recent weeks have helped boost the
market fundamentals, while an open arbitrage window to the West is supporting the refining
profit margins, market watchers said.
    Despite firmer feedstock crude prices, refining margins or cracks for 10 ppm gasoil
 climbed to $9.66 per barrel over Dubai crude during Asian trading hours on Monday,
8 cents higher from Friday. 
    Cracks for the benchmark gasoil grade in Singapore, which hit a multi-month high of $9.81
per barrel earlier this month, have gained over 20% in the last month, Refinitiv Eikon data
showed.
    
    SAUDI CRUDE SUPPLIES
    - Saudi Aramco has notified at least seven buyers across Asia that it would supply
full contractual volumes of crude oil in October, though none of them asked for additional
supplies despite deep price cuts, sources with knowledge of the matter said on Monday.

    - The full allocation comes as the Organization of the Petroleum Exporting Countries and its
allies including Russia agreed to ease supply cuts by 400,000 barrels per day (bpd) each month
between August and December.
    
    SINGAPORE CASH DEALS
    - Two 10 ppm gasoil trades, no jet fuel deals
    
    OTHER NEWS
    - Oil rose on Monday, supported by concerns over shut output in the United States, the
world's biggest producer, following damage from Hurricane Ida, while analysts expected a stable
market in coming months.
    - Trading houses are rushing to supply Russian Urals crude to the United States where oil
production was hammered by Hurricane Ida in August, three trading sources said. Ida, one of the
most devastating hurricanes for oil companies operating in the U.S. Gulf of Mexico since storms
in 2005, led to prolonged halts in the area's offshore oil output.
    
    ASSESSMENTS
 MID-DISTILLATES                                                                          
 CASH ($/T)               ASIA CLOSE       Change   % Change   Prev Close  RIC
 Spot Gas Oil 0.5%                  77.47      0.9       1.18       76.57  GO-SIN
 GO 0.5 Diff                        -3.34    -0.02       0.60       -3.32  GO-SIN-DIF
 Spot Gas Oil 0.25%                 77.57      0.9       1.17       76.67  GO25-SIN
 GO 0.25 Diff                       -3.24    -0.02       0.62       -3.22  GO25-SIN-DIF
 Spot Gas Oil 0.05%                 77.77      0.9       1.17       76.87  GO005-SIN
 GO 0.05 Diff                       -3.04    -0.02       0.66       -3.02  GO005-SIN-DIF
 Spot Gas Oil 0.001%                81.19     0.92       1.15       80.27  GO10-SIN
 GO 0.001 Diff                       0.39     0.01       2.63        0.38  GO10-SIN-DIF
 Spot Jet/Kero                      77.94     0.94       1.22          77  JET-SIN
 Jet/Kero Diff                      -0.09    -0.01      12.50       -0.08  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 Vinay Dwivedi)
  



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