|2019-09-03 来源： 中国石化新闻网|
郝芬 译自 Platts
Asian jet fuel braces for winter kerosene demand, gasoil choppy as South Korea supply rises
The Asian jet fuel market may buoy higher this week as Japan is expected to start its kerosene stockpiling for winter heating demand in September, while the regional gasoil market readies itself for more supply from South Korea after it abolished its automotive tax relief last week.
The Asian gasoil market is expected to be volatile this week, after South Korea abolished its automotive tax relief, leaving market participants expecting South Korea, the largest supplier of gasoil in East Asia, to ship out even more cargoes soon, trade sources said.
South Korea, who exports some 1.8 million-2 million mt of gasoil per month, is the largest supplier of the middle distillate in the world after Saudi Arabia.
"Demand [for gasoil cargoes in South Korea] is already very weak, the restoration of the automotive tax might make it worse", a Singapore-based trader said, adding that "North Asia is getting oversupplied, and people are looking for homes for the barrels."
At the Asian close Friday, the FOB Singapore gasoil cash differential was assessed at plus 27 cents/b to Mean of Platts Singapore gasoil assessment, marking a day-on-day dip of 4 cents/b.
The cash premium had dipped to as low as plus 15 cents/b on August 27, amid a slowdown in spot demand for physical barrels.
That said, the upcoming maintenance over September to October could be the turning point in the Singapore gasoil market, industry sources said.
"I don't see much demand in Asia currently, but in September-October, we might see lesser supply as a result of refinery turnarounds in the fourth-quarter, therefore I think potentially, trading activity will pick up in the second-half of September," a Singapore-based refining source said.
In the derivatives market, the front-month September/October timespread jumped 18 cents/b week on week to be assessed at plus 26 cents/b at Friday's Asian close.
Further out, the Q4/Q1 timespread was up 39 cents/b from the settle on August 26 to $1.09/b last Friday.