Asia’s diesel markets barely moved on Tuesday, with timespreads and cash differentials holding its ground amid some support in front month supply-demand fundamentals.

More buying interest surfaced from the region, with Vietnam’s Petrolimex seeking for a mix of 500ppm and 10ppm sulphur gasoil cargoes for end-December and early January arrival.

There were talks of some refinery troubles in southeast Asia still remaining for the next 1-2 weeks as repairs go underway.
Refining margins (GO10SGCKMc1) inched down further to around $21.4 a barrel.

On the trading window, 10ppm sulphur gasoil deals were scant and cash differentials (GO10-SIN-DIF) were little changed from the day before at slightly more than $1.3 a barrel.

Regrade (JETREG10SGMc1) held its ground at premiums of around 30-40 cents per barrel.

SINGAPORE CASH DEALS

– Two jet fuel deals, no gasoil deal

INVENTORIES

– U.S. crude oil stockpiles were expected to have fallen last week, while distillate and gasoline inventories likely rose, a preliminary Reuters poll showed on Monday.

NEWS

– Global commodity trading house Gunvor’s CEO Torbjorn Tornqvist will step down and sell his shareholding in a management buyout, weeks after the U.S. dubbed the firm the “Kremlin’s puppet” over its past Russian links.

– Russian companies are eyeing expansion opportunities in the countries of the Global South and still have global ambitions despite Western sanctions, Andrei Kostin, the CEO of Russia’s second-largest bank, VTB, told Reuters.

– The Caspian Pipeline Consortium (CPC) said on Monday that it had resumed oil shipments from one mooring point at its Black Sea terminal following a major Ukrainian drone attack on November 29.

– Russia’s seaborne diesel and gasoil exports rose 3% to about 2.37 million metric tons in November from October, despite recent U.S. sanctions and infrastructure damage caused by drone attacks, data from market sources and LSEG showed.
Source: Reuters