SINGAPORE: Asia's jet fuel cash differential was unchanged at 30 cents discount to Singapore quotes on Tuesday with no cash deals traded in the Singapore market since Jan. 2.
- Buyers were reluctant to come forward and there were no bids.
- Despite muted trades, jet fuel market was little changed from a year ago when cash differential was at a 40 cent discount to Singapore quotes.
- Gasoil was also affected by high supplies, with the cash differential for 10 ppm grade on Tuesday having fallen by half to a premium of 10 cents to Singapore quotes versus a day ago.
INVENTORIES: Middle distillates stocks in the US, which include heating oil and diesel fuel, were forecast to have risen 900,000 barrels last week, a preliminary Reuters poll showed on Monday.
- High stocks could have prompted two tankers carrying diesel to North America from Europe to turn back to discharge in the continent.
TENDERS: Vietnam's Petrolimex on Monday bought 35,000 tonnes of gasoil with 0.001 percent sulphur content for Jan. 16-20 loading from Malaysia at a premium of about 50 cents a barrel to Singapore quotes on a free-on-board (FOB) basis.
OTHER NEWS: Eleven men were charged in a Singapore court on Tuesday over their part in an alleged oil theft at Shell's biggest refinery, court documents showed.
- The charge sheets specified gasoil as the stolen commodity.
REFINERY NEWS: Profits for Asia's oil refiners dropped to their lowest since May last year as rising supplies dragged down regional fuel prices at a time when global crude oil prices have climbed to two-year highs, data on Thomson Reuters Eikon showed.
SINGAPORE CASH DEALS: Two gasoil deals.
- Winson sold to Vitol 150,000 barrels of 500ppm gasoil for Jan. 24-28 loading at a discount of $1.10 a barrel.
- BP bought from Hin Leong 150,000 barrels of 10ppm gasoil for Feb. 4-8 loading at a premium of 10 cents.
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