SINGAPORE: Asia's gasoil crack for the benchmark 500ppm grade edged 9 cents lower on Wednesday to $12.15 a barrel, but held above the $12 level for the third straight session.
Discounts for the 500ppm July-August time spreads were also slightly lower after slipping 1 cent to 13 cents a barrel.
In the cash markets, two cash deals were reported in the Platts window. Winson bought 150,000 barrels of 500ppm gasoil from Sietco at parity to Singapore quotes and Total sold 235,000 barrels of 10ppm gasoil to Vitol at a premium of 90 cents a barrel, industry sources said.
Cash premiums for benchmark 500ppm gasoil were unchanged from Tuesday's close at 7 cents a barrel to Singapore quotes.
EAST ASIA GASOIL EXPORTS:
East Asian gasoil exports for June have reached 3.3 million tonnes to date, with full-month volumes expected at 6.0 to 6.4 million tonnes, higher than May assessed volumes of 5.8 to 5.9 million tonnes, Thomson Reuters Oil Research and Forecasts estimates released on Tuesday showed.
"The front-month gasoil-Dubai crack traded above the $12 a barrel mark this week and is averaging at $11.74 a barrel to date for June, up from the May whole-month-average at $10.64 a barrel, according to our forward curve assessments," the report said.
MARKET NEWS:
- Nigeria kept exporting crude oil at a largely steady pace in May, though below historical levels, despite repeated militant attacks on its infrastructure that drove output down to 30-year lows this spring and helped global prices rise, data showed.
- Igor Sechin, the head of Russia's top oil producer Rosneft, said on Tuesday that Saudi Arabia, the United States and Russia were the three main players on global oil markets, dismissing again OPEC's role as a regulator.
Comments
Comments are closed for this article.