News Articles by Mumbai Multimedia Studio on Gasoil Discounting the lowest of 4 months- Asia's cash differentials for 10 ppm gasoil inched up on Thursday, hitting a near four-month high, while middle distillate inventories in Singapore dropped to a five-week low. Cash discounts for gasoline with 10 ppm sulphur content <GO10-SIN-DIF> narrowed to 8 cents a barrel to Singapore quotes, the lowest discounts since the differentials plunged to a negative territory on Aug. 11, 2020.
The December-January time spread for 10 ppm gasoline in Singapore remained unchanged at zero for a second straight session, A Refinitiv Eikon data predicts. Refining margins, or cracks, for 10 ppm gasoline dropped 60 cents to $5.80 a barrel over Dubai crude during Asian trading hours, partly weighed down by firmer raw material crude prices and expectations for ample near-term supplies.
Chinese crude intake is set to remain at or near record highs, and with plentiful product export quotas remaining, a flood of Chinese diesel into the Asian market could be a major dampener to cracks going forward. Cracks for the benchmark gasoline grade in Singapore, which have gained 42.5% over the last two months, are still currently at their weakest seasonal levels on record.
- Singapore's middle distillate inventories fell 5.2% to 15.05 million barrels in the week to Dec. 9, according to Enterprise Singapore data.
- Weekly Singapore middle distillate inventories have averaged about 13.8 million barrels so far in 2020, Reuters calculations showed. This week's stocks were 40.5% higher from a year ago.
- U.S. distillate stockpiles rose by 5.2 million barrels in the week to Dec. 2, compared with expectations for a 1.4 million-barrel rise, the U.S. Energy Information Administration data showed on Wednesday.
- No gasoline deals, no jet fuel trades
- Oil prices edged up on Thursday, buoyed by a COVID-19 vaccine roll-out in Britain and the imminent approval of a vaccine in the United States that could spur a rebound in fuel demand, while a large build in U.S. crude stocks last week held gains in check.
#yusufbhandarkar Email multimediastudio9@gmail.com
Comments