SINGAPORE: The Asian diesel cash differential climbed on Wednesday as traders anticipated higher demand from Europe following a fire at that region's largest refinery.
- ARBITRAGE OPEN FOR JET FUEL: It is now profitable to ship jet fuel cargoes from the Middle East to Europe, after a fire at Europe's largest refinery shut operations, traders said.
But increasing freight rates may limit cargoes shipped there, one of them said.
Royal Dutch Shell has provisionally booked the Energy Centurion to ship 60,000 tonnes of jet fuel from Ras Laffan to Europe, a shipbroker says, though this could not be confirmed with Shell.
The Nord Swift has also been provisionally booked to ship 40,000 tonnes of jet fuel from Kuwait to Europe, though the charterer was not immediately clear.
- SAIGON PETRO SEEKS GASOIL: Vietnam's Saigon Petro is seeking 10,000 tonnes of 500ppm sulphur gasoil for delivery into Cat Lai terminal over Sept. 9 to 13 or loading from Singapore, Malaysia or Thailand over Sept. 7 to 11. The tender closes on Aug. 7.
- INDIA OFFERS GASOIL: India's Essar Oil has offered up to 70,000 tonnes of 500ppm sulphur gasoil for Sept. 1 to 5 loading from Vadinar. The tender closes on Aug. 3, with same-day validity.
- India's diesel imports have abruptly stopped as monsoon season is in full swing in India, traders said. Rains have been 4 percent above average since the four-month monsoon season began in June, according to the state-run India Meteorological Department.
- GS CALTEX REFINERY FIRE: A fire occurred at an electrical substation at South Korea's second-largest oil refinery on Wednesday morning, a spokesman from plant operator GS Caltex Corp said.
The company stopped operations at its No.2 aromatics plant which is serviced by the fire-hit substation, a company spokesman said. The rest of the refinery is operating normally, he said.
RUSSIA DIESEL EXPORTS: Russia's exports of ultra-low sulphur diesel (ULSD) from the Baltic Sea port of Primorsk are expected to rise in August by 10.7 percent on a daily basis to 1.240 million tonnes from 1.120 million tonnes planned for July, trading sources familiar with the loading schedule said on Wednesday.
- AIR FREIGHT RISES: Demand for global air freight rose 11 percent in June, lifting first-half growth to the highest since 2010, due to a surge in global trade, the International Air Transport Association (IATA) said on Wednesday.
"Air cargo is flying high on the back of a stronger global economy. Demand is growing at a faster pace than at any time since the Global Financial Crisis," said IATA Chief Executive, Alexandre de Juniac.
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