Diesel structure firms; jet fuel softens further

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Asia's diesel market structures firmed for a second straight session against a backdrop of firmer ICE gasoil futures despite muted window activity, while jet fuel market structures continued softening. More spot February offers emerged from Taiwan's Formosa Petchem for 500ppm sulphur gasoil, while some more 10ppm sulphur gasoil offers are expected from the remaining northeast Asian refiners. On the demand front, Indonesia's Pertamina reissued its tender to procure end-January arrival of 2500ppm sulphur gasoil. Refining margins (GO10SGCKMc1) extended gains, hitting one-week highs of nearly $19 a barrel, supported by firmness in February paper markets as ICE gasoil futures rebounded. However, trading activity on the window stayed minimal and cash differentials (GO10-SIN-DIF) rose slightly to premiums of 11 cents per barrel to reflect the higher front-month paper market movements. Regrade (JETREG10SGMc1) narrowed slightly to 30-35 cents per barrel as Asian jet fuel markets were slightly depressed by a narrower arbitrage price spread with the U.S. West Coast market. SINGAPORE CASH DEALS - No deal for gasoil and jet fuel INVENTORIES - U.S. crude oil and distillate stockpiles were expected to have fallen last week, while gasoline inventories likely rose, a preliminary Reuters poll showed on Monday. NEWS - Vitol and Trafigura have started discussions on Venezuelan crude oil sales with refiners in India and China for cargoes to be delivered in March, several trade sources said on Monday. - The launch of Indonesia's B50 biodiesel mandate will depend on the price gap between crude oil and crude palm oil, a senior official said on Tuesday. - Two China-flagged supertankers sailing to Venezuela to pick up debt-paying crude cargoes made U-turns and were headed back to Asia, LSEG shipping data showed on Monday, a sign that the U.S.-blocked South American country might not be directly exporting oil to its main buyer any time soon. - Brent crude oil's premium to Middle East benchmark Dubai rose on Tuesday to its highest since July as geopolitical tensions in Iran and Venezuela supported the global price marker, LSEG data showed. PRICES MIDDLE DISTILLATES CASH ($/BBL) ASIA CLOSE Change Prev Close RIC Spot Gas Oil 0.25% 81.14 1.33 79.80 (GO25-SIN) GO 0.25 Diff -0.13 0.02 -0.15 (GO25-SIN-DIF) Spot Gas Oil 0.05% 81.04 1.33 79.70 (GO005-SIN) GO 0.05 Diff -0.23 0.02 -0.25 (GO005-SIN-DIF) Spot Gas Oil 0.001% 81.38 1.33 80.04 (GO10-SIN) GO 0.001 Diff 0.11 0.02 0.09 (GO10-SIN-DIF) Spot Jet/Kero 83.11 1.06 82.05 (JET-SIN) Jet/Kero Diff 1.10 -0.07 1.17 (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 Cracks M1 (GOSGCKMc1) Gasoil 500ppm-Dubai Cracks M2 (GOSGCKMc2) 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)

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