Asia Distillates-Cracks edge down on thin demand

Joseph Keefe
Monday, April 07, 2014

Asia's gasoil and jet fuel margins edged lower on Monday in the absence of most sentiment-supporting factors, with the exception of refinery maintenance, traders said.


The May gasoil crack, or profit from processing a barrel of crude into the fuel, slipped 48 cents to $17.72 a barrel above Dubai crude while the jet fuel crack fell 54 cents to $15.73, Reuters data showed.
The physical regrade, or the price difference between jet fuel and gasoil in Asia, widened to minus $2.32, weighed down by low demand for jet fuel, the sources said. "For the moment, there are few things to support jet fuel as the use of kerosene for heating is over," a trader said.
 

Amid thin demand for gasoil and jet fuel in Asia, refinery maintenance in the second quarter has provided some support to the market. Japanese oil refiner Showa Shell Sekiyu said its subsidiary Toa Oil Co had closed the sole 70,000-barrels-per-day No.3 crude distillation unit at Keihin refinery in eastern Japan for two months of scheduled maintenance.   
    
TENDERS:
India's MRPL sold 40,000 tonnes of jet fuel for May to Totsa at a discount of around 80-85 cents per barrel to Singapore quotes.
       
SINGAPORE CASH DEALS:

One each for gasoil and jet fuel. BP sold 150,000 barrels of 500-ppm gasoil to Sietco for April 27 to May 1 loading at a premium of $0.25 a barrel to Singapore quotes. Vitol sold 100,000 barrels of jet fuel to BP for April 25-29 loading at a premium of $0.20 a barrel to Singapore quotes.

 

Reporting by Jane Chung

Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

New Tanker Designs Feature Reduced Ballast Capacity

‘Clear Advantage’ tanker design series is reported to reduce ballast requirements by 40%. Ready to be built, the designs combine operational and environmental performance

Stena Bulk Charters Out LNG Carrier

Stena Bulk has signed an agreement covering the charter of the LNG carrier Stena Blue Sky for the North West Shelf Project in Australia. The duration of the

Liner Service Reliability Jumps to 64%

According to Drewry Supply Chain Advisors, liner shipping service reliability on the three East-West trades showed an aggregate on-time performance of 64% in March - a five-month high.

Energy

Philippines: China Intimidating Its Fishing Boats

Filipino activists denounced China's coast guard on Tuesday for turning water cannon on Philippine fishing boats in disputed waters, near where hundreds of Filipino

Royal IHC introduces IHC Workhorse

  Royal IHC has announced an extension to its innovative range of vessels with the introduction of the IHC Workhorse. This new design for a hybrid anchor

ClassNK Opens R&D Center in Singapore

Classification society ClassNK promoted the activities of its new Global Research and Innovation Center (GRIC) at a press conference held today in Singapore.   Joined

Logistics

U.S. Ports Account for 26% of Nation’s Economy

From 2007 to 2014, the total economic value that U.S. coastal ports provide in terms of revenue to businesses, personal income and economic output by exporters and importers rose 43 percent to $4.

Titan, Svitzer Merger Creates Global Salvage Giant

Svitzer, salvage division of AP Moller-Maersk and Titan Salvage, a division of Crowley Maritime Corp are merging their salvage operations to create a new market leader.

First Ocean Vessel of 2015 Arrives at Port of Indiana

Northwest Indiana celebrates opening of gateway to global markets   The arrival of the 655-foot bulk carrier M/V Irma at the Port of Indiana-Burns Harbor signals

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Port Authority Salvage Ship Repair Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1019 sec (10 req/sec)