Asia’s diesel market activity on the trading window stayed tepid, with timespreads easing slightly from the previous trading session and February refiner sales still ongoing.

Traders were eyeing the number of export cargoes from China expected for next month, against a backdrop of squeezed export margins and weak domestic demand.

China’s February diesel export estimates were at 250,000-300,000 metric tons, while jet fuel exports are likely to hit 2.1 million tons, according to several trade sources.

Meanwhile, some February sale tenders from India-based refiners surfaced, in line with expectations.

Refining margins (GO10SGCKMc1) inched up slightly from the previous session to around $20 a barrel, remaining around one-month highs.

Physical cargo spot activity on the window stayed thin, with cash differentials (GO10-SIN-DIF) barely moving at premiums of 15 cents per barrel.

For jet fuel, Indonesia’s Pertamina was back seeking an end-January delivery cargo via a reissued procurement tender.

Regrade (JETREG10SGMc1) declined to its narrowest in three weeks of around 10 cents premium per barrel.

SINGAPORE CASH DEALS

– No deal for gasoil or jet fuel

NEWS

– China’s crude oil imports from top supplier Russia fell 0.7% year-on-year in December to 9.33 million metric tons, or 2.2 million barrels per day, but hit the highest level for 2025.

– Oil prices were steady on Tuesday as investors monitored U.S. President Donald Trump’s threats of higher tariffs on European states over his drive to acquire Greenland, while firmer global economic growth expectations and better-than-expected economic data from China gave prices a floor.
– Ultra-low-sulphur diesel loadings from the Russian port of Primorsk may rise in January by about one-third in January from December and exceed 2.2 million metric tons, supported by higher fuel output and seasonally weaker domestic demand, data from traders and LSEG and Reuters calculations showed on Tuesday.
Source: Reuters