Limited arbitrage prospects to the US or Europe have pushed Singapore's onshore inventories of middle distillates higher amid steady diesel exports from northeast Asia.
Middle distillates stocks in the Asian refining hub rose by 1.2mn bl to 12.87mn bl in the week ending 23 June, bringing its inventories of diesel and jet-kerosine to their highest level since 19 May.
But the diesel market is seeing increased demand from Vietnam and India. Vietnam's Petrolimex returned to pick up cargoes for the third quarter that could mop up regional supplies, having skipped its tender for the current quarter. Indian state-owned refiner IOC has an outstanding tender to import around 856,000 bl of 350ppm sulphur diesel for second-half July delivery, on top of around 894,000 bl it requested in another tender for mid-July delivery.
Asia-Pacific remains well supplied with jet fuel, although fresh demand from China seeking July-August supplies offered some reprieve. Chinese importer China Aviation Oil's latest requirements of around 7.09mn bl is its largest volume sought through a single tender this year.
Note: 3rd International Methanol-DME/LPG Conference & 2010 China Methanol Gasoline Market Seminar held by China ChemNet were successfully finished on Jun.25th. The conference journal is under sales now. For more details, pls contact wangxiaoqing@netsun.com Brenda
Middle distillates stocks in the Asian refining hub rose by 1.2mn bl to 12.87mn bl in the week ending 23 June, bringing its inventories of diesel and jet-kerosine to their highest level since 19 May.
But the diesel market is seeing increased demand from Vietnam and India. Vietnam's Petrolimex returned to pick up cargoes for the third quarter that could mop up regional supplies, having skipped its tender for the current quarter. Indian state-owned refiner IOC has an outstanding tender to import around 856,000 bl of 350ppm sulphur diesel for second-half July delivery, on top of around 894,000 bl it requested in another tender for mid-July delivery.
Asia-Pacific remains well supplied with jet fuel, although fresh demand from China seeking July-August supplies offered some reprieve. Chinese importer China Aviation Oil's latest requirements of around 7.09mn bl is its largest volume sought through a single tender this year.
Note: 3rd International Methanol-DME/LPG Conference & 2010 China Methanol Gasoline Market Seminar held by China ChemNet were successfully finished on Jun.25th. The conference journal is under sales now. For more details, pls contact wangxiaoqing@netsun.com Brenda
