Asia’s diesel markets softened, with the backwardation structure easing slightly as well, though spot activity on the trading window still increased pace and cash premiums rebounded.

The east-west price spreads widened back to discounts of $55 per metric ton, with markets still expecting swing suppliers to pivot their cargoes west.

At the market’s close, refining margins gained slightly to $27.8 a barrel.

Deals on the window resurfaced for the first time since November 11.

The 10ppm sulphur gasoil cash differentials rebounded to nearly $2.85 a barrel, reflecting firmer discussion levels.

Jet fuel markets remained robust, with cash premiums at three-year highs and paper markets extending gains from last Friday — with draws from the West buoying overall trading sentiment.

Regrade stayed supported at premiums of 20-30 cents per barrel.

SINGAPORE CASH DEALS

– One gasoil deal, no jet fuel deal

REFINERY NEWS

– Marathon Petroleum MPC completed restarting the repaired residual hydrotreater at its 631,000 barrel-per-day Galveston Bay Refinery in Texas City, Texas, people familiar with the plant’s operations said on Friday.

NEWS

– India has exported its first-ever jet fuel cargo to the U.S. West Coast for energy major Chevron CVX, according to trade sources and shipping data, seizing upon a rare arbitrage opportunity to fill supply shortfalls in Los Angeles.

– Indonesian state energy firm PT Pertamina’s 2025 oil and gas production is estimated at 1.03 million barrels of oil equivalent per day, chief executive Simon Mantiri said on Monday.

– U.S. President Donald Trump said on Sunday Republicans are working on legislation that will impose sanctions on any country doing business with Russia, and he said Iran may get added to that list.

– Oil prices fell on Monday, erasing last week’s gains, as loadings resumed at the key Russian export hub of Novorossiysk after a two-day suspension at the Black Sea port that had been hit by a Ukrainian attack.
Source: Reuters