Week 16 Pricing Analyst Update – Carrie Ho – APAC – Distillate – Part 2
‘- Singapore 10ppm gasoil flat price fell $38.83/bl w-o-w to $172.2/bl (16 Apr).
– Cash differentials dropped $16.04/bl to $21.94/bl
– Diesel premiums declined further across Asia as supply continues to arrive, with cargoes booked from Europe and the US at the start of the conflict now reaching the market, along with those from India, Dangote, and Northeast Asia. * Inventories continue to build in Singapore; Australia stocks were also high prior to the 120kbd Geelong refinery fire (alkylation unit).
– South Korea offered multiple spot cargoes this week as refiners clear tanks ahead of maintenances.
– Market focus on Europe: potential rebound in distillate demand after recent stock drawdowns to Asia, alongside reduced US resupply (with barrels diverted East), traders said.
– Uncertainty remains over whether South Korea will sustain current spot export volumes into May.
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