RTRS:Asia Distillates-Margins inch up on lower crude oil prices
SINGAPORE, May 7 (Reuters) - Asian middle distillates
margins inched up on Monday as underlying crude prices fell more
than $3 a barrel, potentially stoking regional demand, traders
said.
The gasoil crack for June gained four cents to $16.76 a
barrel above Dubai crude, while the jet fuel crack increased by
11 cents to $17.39 a barrel.
"The fall in flat prices could increase demand in flat-price
sensitive countries like Vietnam in the coming weeks," said a
Singapore-based trader.
Importers in Vietnam, however, are waiting to see if the
fall in crude oil prices will be sustained before deciding on
any purchases of diesel in the spot market.
India's Mangalore Refinery and Petrochemicals Ltd (MRPL) has
offered about 300,000 barrels of gasoil and about 288,000
barrels of jet fuel for June after restarting two of three crude
distillation units at its 300,000 barrels-per-day refinery.
The last of the CDUs is undergoing maintenance and is
expected to restart in the second half of May. The restart is
expected to stabilise diesel stocks in India, which had been
tight due to several shutdowns.
Kuwait's Independent Petroleum Group (IPG) bought a rare
gasoil cargo from MRPL, though the premium paid was weaker than
an earlier cargo, traders said.
African demand for gasoil remained robust with Mozambique's
sole importer of fuel, Imopetro, set to buy 350,000 tonnes of
gasoil and 40,000 tonnes of jet fuel for delivery into
Mozambique ports over July-December, traders said.
IPG had placed an offer with a premium of $63 a tonne over
Mediterranean quotes for the gasoil cargoes, $45 a tonne for jet
fuel and $14 a tonne for the gasoline cargoes.
Glencore and Trafigura had the next best offers, one of the
sources said.
* TENDERS: MRPL is offering 40,000 tonnes (about 300,000
barrels) of 0.5 percent sulphur gasoil for loading over June 3-5
and 36,000 tonnes of jet fuel for loading over June 7-9. Both
tenders close on May 9 and are valid until May 10.
- Taiwan's Formosa Petrochemicals Ltd has offered 300,000
barrels of jet fuel for loading over June 2-8. The tender closes
on May 8.
* CASH DEALS: No jet deals, two gasoil deals.
- Hin Leong bought two cargoes of 150,000 barrels each for
loading over May 22-26 from Shell and SK Energy at a discount of
30 cents a barrel to Singapore quotes for each cargo.
MID-DISTILLATES
CASH ($/T) ASIA CLOSE Change % Change Prev Close RIC
Spot Gas Oil 0.5% 125.23 -2.99 -2.33 128.22 GO-SIN
GO 0.5 Diff -0.30 0.05 -14.29 -0.35 GO-SIN-DIF
Spot Gas Oil 0.25% 126.53 -3.04 -2.35 129.57 GO25-SIN
GO 0.25 Diff 1.00 0.00 0.00 1.00 GO25-SIN-DIF
Spot Gas Oil 0.05% 127.38 -3.04 -2.33 130.42 GO005-SIN
GO 0.05 Diff 1.85 0.00 0.00 1.85 GO005-SIN-DIF
Spot Gas Oil 0.001% 128.48 -3.04 -2.31 131.52 GO10-SIN
GO 0.001 Diff 2.95 0.00 0.00 2.95 GO10-SIN-DIF
Spot Jet/Kero 125.89 -2.95 -2.29 128.84 JET-SIN
Jet/Kero Diff -0.30 0.05 -14.29 -0.35 JET-SIN-DIF
