Gasoil margins, premiums rebound after week's losses

Asia's 10-ppm sulphur gasoil margins and premiums reversed losses and posted gains for the first time in the week, as week-on-week weakness in oil futures prevailed.

Dwindling market liquidity placed a cap on increments, as evidenced from the lack of deals and buyers in the market.

Cash differentials (GO10-SIN-DIF) for 10 ppm sulphur gasoil firmed by 20 cents to $1.51 a barrel.

Refining margins (GO10SGCKMc1) rebounded to $33.19 a barrel, from $32.63 a barrel. (32.63)

Jet fuel refining margins (JETSGCKMc1) likewise gained by 71 cents to $29.94 a barrel. (29.23)

Regrade (JETREG10SGMc1) was valued at minus $3.25 a barrel.

SINGAPORE CASH DEALS

- No gasoil and jet deals.

TENDERS

- Indian Oil offers Dec-Jan high speed diesel and light cycle oil

- South Korea's SK Energy sells end-December jet fuel at flat to FOB Singapore quotes

INVENTORIES

- Gasoil stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage area rose 3% in the week to Thursday as buyers imported more from Russia ahead of a Feb. 5 EU ban on imports of refined Russian products, data from Dutch consultancy Insights Global showed.

NEWS

- South Korean truckers voted to end a nationwide strike that had disrupted supply chains, their union said on Friday. About 62% of union members voted to call off the strike, according to a text message from the Cargo Truckers Solidarity Union seen by Reuters. The union confirmed the vote to end the strike in a news release.

- Oil prices bounced higher on Friday as closure of a major Canada-to-U.S. crude pipeline disrupted supplies, but both benchmarks were headed for a weekly loss on worries over slowing global demand growth.

- Indonesia may start implementing a programme to use biodiesel with 35% blend of palm oil-based fuel, known as B35, from January, 2023, senior energy ministry official Dadan Kusdiana said on Friday.

PRICES