SINGAPORE, Feb 14 (Reuters) - Asia's cash discounts for 10ppm gasoil narrowed on Thursday after middle distillate inventories in Singapore dropped to their lowest levels in five weeks. Cash differentials for gasoil with 10ppm sulphur content <GO10-SIN-DIF> were at a discount of 39 cents a barrel to Singapore quotes, compared with Wednesday's discount of 43 cents per barrel. Stocks of middle distillates in Singapore fell by 161,000 barrels in the week to Feb. 13 in a fourth straight week of draw downs, data from Enterprise Singapore showed on Thursday.
Refining margins for benchmark 10ppm gasoil gained for the third consecutive session on Thursday to $14.55 a barrel over Dubai crude during Asian trading hours, up from $14.53 a barrel a day earlier. Meanwhile, jet fuel refining margins dipped seven cents to $13.46 a barrel over Dubai crude on Thursday. Cash discounts for jet fuel <JET-SIN-DIF> were at 30 cents a barrel to Singapore quotes on Thursday, compared with a discount of 34 cents a barrel on Wednesday.
CHINA PRODUCT EXPORTS - China's refined fuel exports rose 31.6 percent in January from the same month last year to 5.42 million tonnes, according to data released by the General Administration of Chinese Customs on Thursday. - State refineries in China, equipped with higher export quotas, are shipping out fuel in greater volumes and reaching more distant markets. - Sinopec Corp unit Zhenhai Refining & Chemical Corp has exported diesel and jet fuel to Europe for the first time. The Zhenhai plant loaded 40,000 tonnes of diesel fuel in early February and 40,000 tonnes of jet fuel in late January, both destined for Rotterdam. - China, the world's biggest crude oil importer, took in 42.6 million tonnes of oil in January, customs data showed. That works out at 10.03 million barrels per day (bpd), the third straight month that imports have exceeded the 10 million bpd mark.
SINGAPORE INVENTORIES - Singapore onshore middle distillate stocks fell 1.4 percent to 11.4 million barrels in the week to Feb. 13, according to Enterprise Singapore. - Weekly inventories have averaged 11.8 million barrels so far this year, having averaged 9.6 million barrels a week in 2018, Reuters calculations showed. - Overall, onshore middle-distillate inventories were about 48 percent higher year on year. - Light distillate stocks rose 417,000 barrels to set a new high of 16.5 million barrels in the week to Wednesday, while fuel oil stocks surged 3.8 million barrels to a more than ten-month high of 23.2 million barrels.
EIA INVENTORIES - U.S. crude oil inventories rose last week to the highest since November 2017 as refiners cut runs to the lowest since October 2017, the Energy Information Administration said on Wednesday. - Crude inventories built for a fourth week in a row, rising by 3.6 million barrels to 450.8 million barrels in the week to Feb. 8. Analysts polled by Reuters forecast an increase of 2.7 million barrels. - Distillate stockpiles, which include diesel and heating oil, unexpectedly rose by 1.2 million barrels, versus expectations for a 1.1 million-barrel drop, the EIA data showed.
SINGAPORE CASH DEALS - One gasoil deal, no jet fuel trade. - Singapore trader Hin Leong sold 165,000 barrels of 10ppm gasoil to Vitol for March 1-5 loading at a discount of 45 cents a barrel to Singapore quotes. - For more information, please click
OTHER NEWS - Oil prices rose on Thursday, buoyed by hopes that potential progress in the latest Sino-U.S. tariff talks would improve the global economic outlook, and as China's trade figures including crude imports beat forecasts. - The global oil market will struggle this year to absorb fast-growing crude supply from outside OPEC, even with the group's production cuts and U.S. sanctions on Venezuela and Iran, the International Energy Agency said in a report on Wednesday.
CASH ($/T) ASIA CLOSE Change % Change Prev Close RIC Spot Gas Oil 0.5% 76.47 1.86 2.49 74.61
GO 0.5 Diff -2.71 0.01 -0.37 -2.72
Spot Gas Oil 0.25% 77.00 1.86 2.48 75.14
GO 0.25 Diff -2.18 0.01 -0.46 -2.19
Spot Gas Oil 0.05% 77.56 1.87 2.47 75.69
GO 0.05 Diff -1.62 0.02 -1.22 -1.64
Spot Gas Oil 0.001% 78.79 1.89 2.46 76.90
GO 0.001 Diff -0.39 0.04 -9.30 -0.43
Spot Jet/Kero 77.84 1.82 2.39 76.02
Jet/Kero Diff -0.30 0.04 -11.76 -0.34
For a list of derivatives prices, including margins, please
double click the RICs below. Brent M1
Cracks M1 Gasoil 500ppm-Dubai
Cracks M2 Jet Cracks M1
Jet Cracks M2
Crack LGO-Brent M1
Crack LGO-Brent M2
(Reporting by Koustav Samanta; Editing by Kirsten Donovan)