SINGAPORE: Asia's prompt month time spread climbed to a near one-month high on Monday, supported by firm seasonal demand for aviation fuels and steady regional flows to Europe and the United States, trade sources said.
The jet fuel time spread for Aug/Sept rose to 11 cents a barrel on Monday, up from Friday's near parity of 2 cents a barrel.
The prompt month time spread was last higher on July 11 at 16 cents a barrel.
Jet margins, or cracks, for September also started the week higher, climbing 27 cents a barrel to a one week high of $14.94 a barrel over Dubai crude.
In the physical market, cash premiums for jet fuel cargoes edged one cent per barrel higher on Monday to 11 cents a barrel to Singapore quotes amid a lack of deal activity.
TENDERS
- India's MRPL has offered 40,000 tonnes of jet fuel for export from New Mangalore for Sept 9-11 loading in a tender closing on Aug. 7 with next day validity.
- MRPL has also offered 65,000 tonnes of 500ppm gasoil for Sept 5-7 loading from New Mangalore.
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VIETNAM EXPORTS
- Vietnam's Nghi Son oil refinery is seeking approval to export oil products as high inventories and pre-existing import contracts have limited domestic fuel demand, said three industry sources on Monday.
- If the approval is granted, this would be the first time Vietnam, a net importer of fuel, has allowed oil product exports produced domestically. The fuel shipments could also weigh on regional margins at a time when supplies are expected to start flowing from new projects in Malaysia and China.
- Fuel inventories are high amid weak domestic sales and higher refining output, a Vietnam-based industry source said.
- "Vietnam has a surplus of diesel and gasoline and sales are especially bad for gasoline with cargoes selling at a heavy discount," the source said.
BAB AL-MANDEB
- Top oil exporter Saudi Arabia said on Saturday it had resumed all oil shipments through the strategic Red Sea shipping lane of Bab al-Mandeb.
- The kingdom halted temporarily oil shipments through the lane on July 25 after attacks on two oil tankers by Yemen's Iran-aligned Houthi movement.
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