SINGAPORE, June 19 (Reuters) - Asian gasoil margins rebounded to a three-month high on Wednesday as spot demand from Vietnam emerged, even as Indonesia stepped up its own purchases, traders said. The July gasoil crack gained 51 cents to $18.01 a barrel, the highest since March 18 when it was at $18.15 a barrel, Reuters data showed. Vietnam's Petrolimex is seeking a spot gasoil cargo for July after recently buying a late-June cargo, industry sources said. While output from domestic refinery Dung Quat is said to be stable, domestic demand might have increased slightly with the company also having to cover a shortfall after a fire at Okinawa refinery caused supply disruptions. Diesel exports from Thailand have also been lower than usual due to planned maintenance by PTT and an unplanned outage at a hydrocracker unit at Bangchak Petroleum, traders said. Spot demand from Indonesia has also been supporting high sulphur gasoil premiums. Recent spot purchases by the company could have been done at a premium of about $3 a barrel, traders said, though it was not clear who the suppliers were. Sinopec Corp, Asia's largest refiner, has from the end of May cut the sulphur content of diesel agricultural, industrial and shipping use as part of a national effort to help clear Chinese cities of smog. The refiner cut the sulphur content of its ordinary diesel to a maximum 350 ppm, bringing it in line with the minimum standard for diesel produced for autos and trucks, it said in a release. The new standard also means a quality change in Sinopec's diesel exports, although the refiner is not expected to export any of the fuel in June for the second month in a row. Sinopec is the country's dominant diesel exporter.ID:nL3N0EU22E Sinopec could likely resume exports of diesel in July, an industry source said, though this could not immediately be confirmed. In the Singapore trading period, the first likely gasoil cargo to be loaded from Tanjung Bin was sold from Vitol to Hin Leong on Tuesday, traders said. The oil terminal in southern Malaysia was approved in price agency Platts' assessment process late last year, though traders had been sceptical to lift cargoes from the terminal due to a lack of liquidity and additional port charges. Saudi Aramco has bought all its requirements for June and July and is currently mulling volumes needed for August, industry sources said. The company likely imported near record high diesel this year due to a rise in domestic demand and soaring temperatures which increases the use of air-conditioning, they added. More ultra-low sulphur diesel spot supply was seen from the Gulf with Abu Dhabi National Oil Company offering a July 10ppm sulphur diesel cargo, after recently purchasing a June cargo from ENOC, traders said. The premium was likely to be almost $3.50 a barrel above Middle East quotes, one said, although this could not be confirmed. * TENDERS: Petrolimex is seeking 35,000 tonnes of 500 ppm sulphur gasoil for July 14 to 20. The cargo is to be loaded from Singapore, Thailand, South Korea, South China or Taiwan. The tender closes on June 21 and is valid until June 24. - Bahrain Petroleum has offered 40,000 to 60,000 tonnes of jet fuel for July 27 to 30 loading. The tender closes on June 20. - ADNOC has offered 40,000 tonnes of 10 ppm sulphur diesel for July 13 to 15 loading. The tender closes on June 24. * SINGAPORE CASH DEALS: No jet trades, one gasoil deal. - Hin Leong bought 150,000 barrels of 500 ppm sulphur gasoil for loading over July 15 to 19 from Tanjung Bin from Vitol at a premium of $1.50 a barrel. MID-DISTILLATES CASH ($/T) ASIA CLOSE Change % Change Prev RIC Close Spot Gas Oil 0.5% 120.49 1.39 1.17 119.10GO-SIN GO 0.5 Diff -0.30 0.20 -40.00 -0.50GO-SIN-DIF Spot Gas Oil 122.06 1.59 1.32 120.47GO25-SIN 0.25% GO 0.25 Diff 1.07 0.20 22.99 0.87GO25-SIN-DIF Spot Gas Oil 122.47 1.52 1.26 120.95GO005-SIN 0.05% GO 0.05 Diff 1.48 0.13 9.63 1.35GO005-SIN-DIF Spot Gas Oil 122.94 1.44 1.19 121.50GO10-SIN 0.001% GO 0.001 Diff 1.95 0.05 2.63 1.90GO10-SIN-DIF Spot Jet/Kero 119.99 1.05 0.88 118.94JET-SIN Jet/Kero Diff -0.05 -0.05 NA 0.00JET-SIN-DIF SWAPS ($/T) ASIA CLOSE Change % Change Prev PM (1130 GMT) (0830 GMT) Close Brent M1 106.17 0.94 0.89 105.23BRENTSGMc1 Gasoil M1 120.90 1.40 1.17 119.50GOSGSWMc1 Gasoil M1/M2 0.70 0.10 16.67 0.60GOSGSPDMc1 Gasoil M2 120.20 1.30 1.09 118.90GOSGSWMc2 Regrade M1 -0.87 -0.30 52.63 -0.57JETREGSGMc1 Regrade M2 -0.24 -0.19 380.00 -0.05JETREGSGMc2 Jet M1 120.03 1.10 0.92 118.93JETSGSWMc1 Jet M1/M2 0.07 -0.01 -12.50 0.08JETSGSPDMc1 Jet M2 119.96 1.11 0.93 118.85JETSGSWMc2 Gasoil 18.01 0.51 2.91 17.50GOSGCKMc1 500ppm-Dubai Cracks M1 Gasoil 17.71 0.38 2.19 17.33GOSGCKMc2 500ppm-Dubai Cracks M2 Jet Cracks M1 17.14 0.24 1.42 16.90JETSGCKMc1 Jet Cracks M2 17.47 0.21 1.22 17.26JETSGCKMc2 East-West M1 2.53 0.05 2.02 2.48LGOAEFSMc1 East-West M2 -2.26 0.23 -9.24 -2.49LGOAEFSMc2 LGO M1 898.25 10.75 1.21 887.50LGOAMc1 LGO M1/M2 0.50 1.00 NA -0.50LGOASPDMc1 LGO M2 897.75 9.75 1.10 888.00LGOAMc2 Crack LGO-Brent 14.33 0.37 2.65 13.96LGOACKMc1 M1 Crack LGO-Brent 14.76 0.30 2.07 14.46LGOACKMc2 M2 (Reporting by Jessica Jaganathan; editing by James Jukwey) ((jessica.jaganathan@thomsonreuters.com)(+65 6870 3822)(Reuters Messaging: jessica.jaganathan.thomsonreuters.com@reuters.net)) Keywords: MARKETS DISTILLATES/ASIA
Asia Distillates-Margins rebound to 3-mth high on Vietnam spot demand
June 19, 2013
