SINGAPORE: Asia’s jet fuel market slipped on Monday as concerns over ample near-term supplies weighed on cash premiums and the front-month time spread of the fuel, trade sources said.
Limited arbitrage opportunities and the easing of peak refinery maintenance in Asia also weighed on sentiment in the jet fuel market, the sources said.
Meanwhile, cash premiums for the benchmark 10ppm gasoil slipped amid lower supplier offers in the Singapore trading window.
Some trade sources said Asian gasoil supplies could soon start to build as refiners returning from peak maintenance season in the region capitalize on the relatively strong refining margins of the middle distillate fuel.
– Bahrain’s Bapco is offering up to 60,000 tonnes of 10ppm gasoil loading from Sitra on June 16-19 in a tender closing on May 28 with two days’ validity.
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US CRUDE EXPORTS
– Record crude oil volumes exported from the United States will head to Asia in the next couple of months to take another piece of the market away from Russia and producers in the Organization of the Petroleum Exporting Countries.
– The United States is set to export 2.3 million barrels per day (bpd) in June, of which 1.3 million bpd will head to Asia, a senior executive with a key US oil exporter estimated.