Asia Distillates-Gasoil refining profits soar, cash premiums rise over $2/bbl
Asian refining margins for 10 ppm gasoil rose to a week-high on Monday, buoyed by firmer demand, while regional supplies remain limited.
Refining margins, also known as cracks, for 10 ppm gasoil climbed to $18.69 a barrel over Dubai crude during Asian trading hours, up from $17.80 per barrel on Friday. The gasoil cracks have gained nearly 5% in February, Refinitiv Eikon data showed.
Cash premiums for gasoil with 10 ppm sulphur content GO10-SIN-DIF climbed to $2.21 a barrel to Singapore quotes on Monday, compared with a $2 premium at the end of last week.
The Feb/March time spread for the benchmark gasoil grade in Singapore traded at $2.45 per barrel, while the prompt-month spread for jet fuel was at $1.84 a barrel on Monday, Refinitiv data showed.
Cash differentials for jet fuel JET-SIN-DIF rose to $1.77 per barrel to Singapore quotes,
up from $1.51 a barrel on Friday.
– India’s Reliance Industries Ltd plans to produce blue hydrogen at a “competitive cost” of about $1.2-$1.5 per kg as it repurposes its $4-billion gasification assets, the conglomerate said in a presentation.
– Reliance earlier had unveiled plans to reduce its dependence on its mainstay oil-to-chemicals business and invested in clean energy projects to burnish its green credentials.
SINGAPORE CASH DEALS
– Four gasoil deals, no jet fuel trades
Source: Reuters (Reporting by Koustav Samanta;Editing by Vinay Dwivedi)