Asia’s diesel spot discussions for January in a flurry from refiners on Thursday, while cash differentials slipped further though overall paper market structures firmed slightly.

Discounts for remaining January spot cargoes were seemingly wider compared with a week earlier. Some refiners sold at minus 90 cents to $1.1 a barrel, in line with the softening supply outlooks.

Some sporadic prompt December demand surfaced from Indonesia’s Pertamina – though volumes were minimal – for 50ppm sulphur gasoil.

Meanwhile, east-west price spreads widened slightly to discounts of slightly more than $35-36 per metric ton.
Refining margins (GO10SGCKMc1) erased some of previous trading session’s losses to close at nearly $19.5 a barrel.

The 10ppm sulphur gasoil cash differentials (GO10-SIN-DIF) inched down to 43 cents premiums per barrel, reflecting lower-priced offers on the trading window.

Some jet fuel offers surfaced from northeast Asian refiners, with traders eyeing to see how spot discussion levels pan out given the limited spot activity compared with diesel.

Regrade (JETREG10SGMc1) barely moved again, hovering in the range of 30-40 cents premiums.

SINGAPORE CASH DEALS

– No jet fuel deal or gasoil deal

INVENTORIES

– U.S. crude stocks fell while gasoline and distillate inventories rose last week as refining activity climbed, the Energy Information Administration said on Wednesday.
– Singapore’s distillate weekly inventories held steady at around 8.4 million barrels with a decline in jet fuel net exports nearly offset by higher diesel net outflows, official government data showed on Thursday.

NEWS

– Oil and gas major BP BP. has appointed Meg O’Neill, the head of Australia’s Woodside Energy WDS, as its next CEO to lead its effort to boost profits and refocus on oil and gas after a detour into renewables.
– State-owned QatarEnergy has set the term premium for al-Shaheen crude oil loading in February at 53 cents a barrel to Dubai quotes, trade sources said on Thursday.
– China’s exports of refined oil products dropped 2.2% year-on-year in November but rose 13.3% from the previous month, customs data showed on Thursday.
Source: Reuters