Singapore oil product swaps were weaker in mid-day trade on Monday, and gas oil's April/May backwardation narrowed. Brokers quoted April gas oil at $63.50 a barrel, down 50 cents from Thursday. Singapore oil markets were closed on Friday for a public holiday. Its April/May timespread weakened to 5 cents a barrel in backwardation from 10 cents on Thursday. Gas oil's April crack over Middle East Dubai crude narrowed 40 cents from last week to $17 a barrel. "The current swap numbers are just values.
Probably, London is closed today," said one trader, explaining the reasons for lower paper indications. London oil futures exchange is closed for a public holiday on Monday.
Gas oil demand in Asia was seen steady-to-weaker, with Indonesia keeping April imports unchanged from March at 6.0 million barrels. But the volume was down from 6.6 million barrels in February. Regrade, or spread between jet-kerosene and gas oil, widened 20 cents to $3.30 a barrel for April.
Brokers quoted April fuel oil at $237.25 a tonne, about 30 cents less than Thursday.
Fuel oil's April/May swaps slipped into a contango of 25 cents a tonne from levels between parity and 25 cents in backwardation on Thursday.
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