Asia Distillates-Diesel cash diffs surge to record; regrade and jet fuel margins ease

SINGAPORE, March 5 (Reuters) - Asia's diesel markets were barren of physical window deals for a fourth session this week, though the backwardation structure remained firm on Thursday and cash differentials hit a record.

The lack of April refiner spot sales continued, in line with earlier expectations, as refiners still mulled their near-term run rates.

Some refiners continued wanting to buy back their March loading cargoes, traders said, though further details could not be confirmed.

Refining margins GO10SGCKMc1 eased slightly to around $43 a barrel on some profit-taking activities and slowing ICE gasoil gains, after surging the past three sessions.

The 10ppm sulphur gasoil cash differentials GO10-SIN-DIF closed the trading session at $20.5 a barrel, a fresh high.

The surge in jet fuel markets from the previous trading session slowed, with regrade JETREG10SGMc1 easing back to around $30 a barrel, half of yesterday's level.

SINGAPORE CASH DEALS O/AS

- No deal for gasoil or jet fuel.

INVENTORIES

- Singapore's middle distillates stocks bounced back from the previous week as exports of jet fuel declined despite a rise in diesel exports, government data showed on Thursday. O/SING1

- U.S. crude stocks rose to their highest level since May 2025 last week, the Energy Information Administration said on Wednesday, as exports and imports declined. EIA/S

REFINERY NEWS REF/OUT

- India's Mangalore Refinery and Petrochemicals MRPL.NS has shut a crude unit and some secondary units at its 300,000-barrel-per-day refinery due to an oil shortage, three sources with knowledge of the matter said on Thursday.

NEWS

- Asian refining margins have surged to their highest since 2022 as Iranian threats to shipping through the Strait of Hormuz have disrupted crude oil flows and forced refineries to cut runs, according to data and analysts.

- Nigeria's Dangote oil refinery has issued tenders to sell gasoil and jet fuel in March, a trade source said, citing a tender document summary.

- Exxon Mobil is set to ship at least 300,000 barrels of gasoline from the U.S. Gulf Coast to cover its own import requirements in Australia, the first such shipments by the oil major, said four sources with knowledge of the matter.

- China has asked companies to suspend signing new contracts to export refined fuel and try to cancel shipments already committed, as a widening Middle East conflict curbed refinery output, several industry and trade sources with knowledge of the matter said on Thursday.

- Oil prices rose on Thursday, extending a rally as the escalating U.S.-Israeli war against Iran continued to disrupt supplies, prompting some major producers to cut production and others to take measures to ensure supply security. O/R

PRICES