SINGAPORE: Asia’s cash differentials for 10 ppm gasoil slipped on Thursday, hurt by lacklustre buying interests for physical cargoes, while onshore middle distillate inventories in Singapore climbed to a five-month high.
Cash differentials for gasoil with 10 ppm sulphur content were at a premium of $8.55 a barrel to Singapore quotes, down 11 cents from a day earlier. The front-month time spread for 10 ppm gasoil traded at $8.60 per barrel on Thursday, compared with $9.40 per barrel a day earlier, Refinitiv Eikon data showed.
Refining profit margins for 10 ppm gasoil rose for a second consecutive session to $42.45 a barrel over Dubai crude during Asian trade, up from $42.30 a barrel on Wednesday, and staying within close sight of an all-time peak of $44.04 a barrel hit in March.
The global travel and tourism sectors are projected to return to pre-pandemic levels in 2023 and grow at a rate that will outpace global gross domestic product (GDP) growth, the World Travel and Tourism Council (WTTC) said on Thursday.
The industry is expected to post an annual average growth rate of 5.8% from 2022 to 2032 versus the 2.7% increase in global GDP, and create 126 million new jobs, WTTC said in a report released during the industry group’s conference in Manila.
Singapore’s middle distillate inventories rose 18.5% to 9.02 million barrels in the week to April 20, according to Enterprise Singapore data. This week’s onshore stocks, however, were still 33% lower compared with the corresponding week a year earlier.
Weekly Singapore middle distillate inventories have averaged about 7.8 million barrels so far this year, compared with an average of 11.8 million barrels in 2021, Reuters calculations showed.
The maximum net imports of automotive diesel to Singapore this week came from Japan at around 38,400 tonnes, while about 32,600 tonnes came from China, Enterprise Singapore data showed. Meanwhile, the biggest net domestic exports of automotive diesel this week went to the United States at around 28,000 tonnes, while about 12,000 tonnes went to Myanmar, the data showed.
US distillate inventories, which include diesel and heating oil, fell by 2.7 million barrels in the week to April 15, versus expectations for an 829,000-barrel drop, the Energy Information Administration said on Wednesday.