SINGAPORE, Nov 30 (Reuters) - Asian refining margins for 10 ppm gasoil on Monday hit their highest level in over three months, while cash differentials for industrial fuel inched up.
Refining profit margins, also known as cracks, for 10 ppm gasoil GO10SGCKMc1 climbed 22 cents to $5.28 a barrel over Dubai crude during Asian trading hours, a level not seen since Aug. 20.
Gasoil cracks have risen about 45% in November, their biggest monthly gain since June, as recent refinery run cuts and a few shipments of gasoil on new-build supertankers have helped drain out some of the excess supplies from the region. refiners ramping up output rates in response to increasing domestic demand in markets such as India, and the likelihood of China's gasoil exports remaining elevated in the coming weeks, the regional gasoil market will stay well supplied in the near term, trade sources said.
Meanwhile, the exchange of futures for swaps (EFS), which determines the gasoil price spread between Singapore and Northwest Europe LGOAEFSMc1 , traded at minus $3.57 per tonne on Monday, typically making it unworkable for arbitrage shipments.
Arbitrage is usually profitable when the EFS trades at about minus $15 a tonne or below, though it also depends on other factors such as freight rates, according to traders.
Cash differentials for gasoil with 10 ppm sulphur content GO10-SIN-DIF were at a discount of 14 cents a barrel to Singapore quotes on Monday, compared with a 15-cent discount on Friday.
SINGAPORE CASH DEALS O/AS
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CASH ($/T)
ASIA CLOSE
Change % Change Prev Close RIC Spot Gas Oil 0.5%
50.89
0.93
1.86
49.96 GO-SIN GO 0.5 Diff
-1.29
0.01
-0.77
-1.30 GO-SIN-DIF Spot Gas Oil 0.25%
51.19
0.93
1.85
50.26 GO25-SIN GO 0.25 Diff
-0.99
0.01
-1.00
-1.00 GO25-SIN-DIF Spot Gas Oil 0.05%
51.34
0.93
1.84
50.41 GO005-SIN GO 0.05 Diff
-0.84
0.01
-1.18
-0.85 GO005-SIN-DIF Spot Gas Oil 0.001%
52.04
0.93
1.82
51.11 GO10-SIN GO 0.001 Diff
-0.14
0.01
-6.67
-0.15 GO10-SIN-DIF Spot Jet/Kero
50.23
0.08
0.16
50.15 JET-SIN Jet/Kero Diff
-0.26
-0.01
4.00
-0.25 JET-SIN-DIF
For a list of derivatives prices, including margins, please double
click the RICs below.
Brent M1
BRENTSGMc1
Gasoil M1
GOSGSWMc1
Gasoil M1/M2
GOSGSPDMc1
Gasoil M2
GOSGSWMc2
Regrade M1
JETREGSGMc1
Regrade M2
JETREGSGMc2
Jet M1
JETSGSWMc1
Jet M1/M2
JETSGSPDMc1
Jet M2
JETSGSWMc2
Gasoil 500ppm-Dubai
GOSGCKMc1
Cracks M1
Gasoil 500ppm-Dubai
GOSGCKMc2
Cracks M2
Jet Cracks M1
JETSGCKMc1
Jet Cracks M2
JETSGCKMc2
East-West M1
LGOAEFSMc1
East-West M2
LGOAEFSMc2
LGO M1
LGOAMc1
LGO M1/M2
LGOASPDMc1
LGO M2
LGOAMc2
Crack LGO-Brent M1
LGOACKMc1
Crack LGO-Brent M2
LGOACKMc2