Singapore The Asian middle distillates complex started the week of April 26-30 on likelihood of firmer market sentiment. Gasoil demand is expected to be supported by cautious optimism as Europe reopens, while the jet fuel/kerosene sector gathers pace on firmer market fundamentals in the region.
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JET FUEL/KEROSENE The front-month May-June jet fuel/kerosene timespread was relatively steady and pegged at minus 10 cents/b at 0200 GMT April 26, widening 1 cent/b from minus 9 cents/b at the 0830 GMT Asian close on April 23, Platts data showed. The FOB Singapore jet fuel/kerosene cash differential extended further gains and rose to an 11-week high of minus 3 cents/b to Mean of Platts Singapore jet fuel/kerosene assessments on April 23, marking a 63-cent/b jump since the beginning of April. The cash differential was last seen higher on Feb. 10 at MOPS minus 1 cent/b, Platts data showed. According to industry sources, the jump in jet fuel prices was attribu
Singapore The Asian middle distillates complex in the week started April 11 would likely see mixed market sentiment. Gasoil continues to face pressure from growing supply and uneven demand even though an upward momentum was seen in the previous week from buyers looking to meet prompt requirements.
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The jet fuel market has seen little improvement on the back of curtailed flight operations as governments enforced strict COVID-19 travel restrictions. Industry sources noted some positive indicators could emerge as governments begin to adopt different strategies in tackling the pandemic.
Singapore Malaysia s nationwide switchover to using the Euro 5, or 10 ppm sulfur specification for gasoil from April 1 is expected to boost imports of the lower sulfur grade, industry sources said, as several domestic refiners are not able to meet the new specifications.
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Traders, however, said that demand upside could be capped due to the COVID-induced movement restrictions.
Malaysia s previous gasoil standard had been the medium sulfur, or 500 ppm sulfur grade.
According to trade sources, the shortfall in domestic supply of the Euro 5 specification gasoil stems from the fact that several refiners are not yet able to meet the new ultra-low sulfur diesel standards.
Asia middle distillates: Key market indicators this week
The Asian middle distillates complex in the week started April 11 would likely see mixed market sentiment. Gasoil continues to face pressure from growing supply and uneven demand even though an upward momentum was seen in the previous week from buyers looking to meet prompt requirements.
The jet fuel market has seen little improvement on the back of curtailed flight operations as governments enforced strict COVID-19 travel restrictions. Industry sources noted some positive indicators could emerge as governments begin to adopt different strategies in tackling the pandemic.
Jet fuel/kerosene The balance April-May jet fuel/kerosene time spread was pegged at minus 42 cents/b at 0300 GMT April 12, widening 3 cents/b from minus 39 cents/b at the 0830 GMT Asian close on April 9, S&P Global Platts data showed.
Singapore Fundamentals in the Asian middle distillate markets is little changed from previous weeks for the week starting April 5. Gasoil continues to be characterized by a persistently growing supply length and lukewarm demand, while several industry indicators on the aviation front have said that the outlook for jet fuel remains challenging.
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ICE June Brent crude futures were up $1.59/b at $64.47/b at 0300 GMT April 5 from the 0430 GMT Asian close on April 1.
JET FUEL/KEROSENE The balance April-May jet fuel/kerosene timespread was pegged at minus 43 cents/b at 0300 GMT April 5 narrowing 3 cents/b from minus 48 cents/b at the 0830 GMT Asian close on April 1.