SINGAPORE, May 2 (Reuters) - The Asian gasoil margin recovered to a three-session high of
$15.03 a barrel on Thursday, but the increase did little to lift sentiment as the value was 19
percent lower than the first four months' average.
Asia continued to grapple with ample supplies despite it being the summer peak demand season
in the west.
"There's ample supplies in Asia. China is exporting lots of barrels but there are hardly any
opportunities for Asian diesel barrels to move west," said a Singapore-based trader.
"But Asian refiners may cut back throughput to sustain some of their profitability."
The Singapore onshore stocks jumped 14.5 percent to a two-week high of 10.417 million
barrels in the week to May 1, official data showed.
Lower diesel demand from Vietnam, Malaysia and Australia have caused the rise in stocks.
In contrast, China and South Korea shipped a total of about 79,000 tonnes of diesel to
Singapore in the week to May 1, while official data did not show any shipments from these two
countries the week before.
Distillates inventories in the U.S. were also up, with stocks which include diesel and
heating oil having risen by 474,000 barrels, data from the Energy Information Administration
showed. This was against earlier expectations for a rise of 300,000 barrels.
Trades in the Singapore cash market were absent.
MID-DISTILLATES
CASH ($/T) ASIA Change % Change Prev RIC
CLOSE Close
Spot Gas Oil 0.5% 109.73 -3.10 -2.75 112.83 (GO-SIN)
GO 0.5 Diff -2.45 0.00 0.00 -2.45 (GO-SIN-DIF)
Spot Gas Oil 0.25% 111.03 -3.00 -2.63 114.03 (GO25-SIN)
GO 0.25 Diff -1.15 0.10 -8.00 -1.25 (GO25-SIN-DIF
)
Spot Gas Oil 0.05% 112.13 -3.17 -2.75 115.30
GO 0.05 Diff -0.05 -0.08 -266.67 0.03 F>
Spot Gas Oil 0.001% 114.18 -3.05 -2.60 117.23 GO 0.001 Diff 1.95 0.00 0.00 1.95 >
Spot Jet/Kero 111.72 -3.16 -2.75 114.88 (JET-SIN)
Jet/Kero Diff -0.28 0.00 0.00 -0.28 (JET-SIN-DIF)
SWAPS ($/T) ASIA Change % Change Prev PM (1130 GMT)
CLOSE Close
(0830
GMT)
Brent M1 100.44 -3.39 -3.26 103.83
Gasoil M1 112.15 -3.10 -2.69 115.25
Gasoil M1/M2 -0.10 0.02 -16.67 -0.12
Gasoil M2 112.25 -3.12 -2.70 115.37
Regrade M1 -0.23 -0.05 27.78 -0.18
Regrade M2 -0.04 -0.12 -150.00 0.08
Jet M1 111.92 -3.15 -2.74 115.07
Jet M1/M2 -0.29 0.09 -23.68 -0.38
Jet M2 112.21 -3.24 -2.81 115.45
Gasoil 500ppm-Dubai Cracks M1 15.03 0.34 2.31 14.69
Gasoil 500ppm-Dubai Cracks M2 15.75 0.32 2.07 15.43
Jet Cracks M1 14.99 0.22 1.49 14.77
Jet Cracks M2 15.88 0.20 1.28 15.68
East-West M1 2.52 -0.59 -18.97 3.11
East-West M2 -0.49 0.00 0.00 -0.49
LGO M1 833.00 -22.50 -2.63 855.50
LGO M1/M2 -3.75 0.75 -16.67 -4.50
LGO M2 836.75 -23.25 -2.70 860.00
Crack LGO-Brent M1 11.88 0.27 2.33 11.61
Crack LGO-Brent M2 12.86 0.27 2.14 12.59
(Reporting by Seng Li Peng; Editing by Alison Birrane)
