February 13, 2020 / 10:07 AM / 5 days ago

Asia Distillates-Gasoil premiums dip; Singapore middle distillate stocks rise

    SINGAPORE, Feb 13 (Reuters) - Asian cash premiums for 10 ppm gasoil fell on Thursday, due to
weaker buying interest for physical cargoes, while Singapore middle distillate inventories rose
to their highest level in more than four months.
    Cash premiums for 10 ppm gasoil GO10-SIN-DIF were at 66 cents per barrel to Singapore
quotes, compared with 72 cents a barrel on Wednesday.
    Refining margins, also known as cracks, for gasoil with 10 ppm sulphur content
dipped to $12.09 per barrel over Dubai crude during Asian trading hours, down from $12.47 per
barrel a day earlier.
    Meanwhile, jet fuel cracks dipped to $9.96 per barrel over Dubai crude,
compared with $10.37 per barrel a day earlier. 
    Cash differentials for jet fuel JET-SIN-DIF were at a discount of 9 cents a barrel to
Singapore quotes, compared with a narrow premium of 2 cents per barrel on Wednesday.
    
    VIETNAM'S NGHI SON OFFERS FIRST GASOIL CARGO FOR EXPORT
    - Vietnam's Nghi Son Refinery and Petrochemical (NSRP) is offering a gasoil cargo for export
for the first time, a source with the refinery said.
    - "We are exporting because domestic sales have been slow recently," the source said,
declining to be identified because he was not authorised to speak with media.
    - The delivery schedule for the export cargo of 40,000 kilolitres, about 251,000 barrels, of
gasoil with a sulphur content of 50 ppm is from Feb. 22-25, according to two trade sources.
    - The tender closes at noon (0500 GMT) on Feb. 17, according to the tender document reviewed
by Reuters.
    
    SINGAPORE INVENTORIES
    - Singapore onshore middle distillate stocks climbed 8.8% to a more than four-month high of
11.6 million barrels in the week to Feb. 12, Enterprise Singapore data showed.
    - Weekly middle distillate inventories have averaged 10.7 million barrels so far in 2020,
having averaged 11.1 million barrels a week in 2019, Reuters calculations showed.
    - Overall, onshore middle distillate inventories were 1.8% higher year-on-year.
    
    EIA INVENTORIES
    - U.S. crude stocks rose more than expected while gasoline and distillate inventories fell
last week, the Energy Information Administration said on Wednesday.
    - Crude inventories rose by 7.5 million barrels in the week to Feb. 7 to 435 million
barrels, compared with analysts' expectations in a Reuters poll for a 3 million-barrel rise.

    - Distillate stockpiles, which include diesel and heating oil, fell by 2 million barrels in
the week to 143.2 million barrels, versus expectations for a 557,000-barrel drop, the EIA data
showed.
    
    SINGAPORE CASH DEALS
    - Two gasoil trades, one jet fuel deal
    - For more information, click
    
    OTHER NEWS
    - State-run China National Chemical Corp, or ChemChina, was forced to shut down a 100,000
barrels-per-day crude oil refinery in east China and cut processing rates at other two plants
due to the coronavirus, three sources told Reuters on Thursday.
    - Oil prices were mixed as concerns about falling demand caused by travel restrictions tied
to the coronavirus outbreak in China, the world's biggest oil importer, outweighed expectations
of supply cuts from major producers.
    - OPEC on Wednesday cut its forecast for global growth in oil demand this year due to the
coronavirus outbreak and said its output fell sharply in January as producers implemented a new
supply-limiting pact.
    
    ASSESSMENTS
 MID-DISTILLATES                                                                        
 CASH ($/T)             ASIA CLOSE       Change   % Change   Prev Close  RIC
 Spot Gas Oil 0.5%                65.07    -0.06      -0.09       65.13  GO-SIN
 GO 0.5 Diff                      -1.73     0.00       0.00       -1.73  GO-SIN-DIF
 Spot Gas Oil 0.25%               65.65    -0.06      -0.09       65.71  GO25-SIN
 GO 0.25 Diff                     -1.15     0.00       0.00       -1.15  GO25-SIN-DIF
 Spot Gas Oil 0.05%               65.96    -0.18      -0.27       66.14  GO005-SIN
 GO 0.05 Diff                     -0.84    -0.12      16.67       -0.72  GO005-SIN-DIF
 Spot Gas Oil 0.001%              67.46    -0.12      -0.18       67.58  GO10-SIN
 GO 0.001 Diff                     0.66    -0.06      -8.33        0.72  GO10-SIN-DIF
 Spot Jet/Kero                    64.28    -0.18      -0.28       64.46  JET-SIN
 Jet/Kero Diff                    -0.09    -0.11    -550.00        0.02  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 Subhranshu Sahu)
  
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