Asia Distillates-Prompt diesel spreads soften again; some Nov refiner sales still underway

SINGAPORE, Nov 2 (Reuters) - Asia's front-month diesel markets declined again, with timespreads and cash premiums both easing further, while November refiner spot sales continued to trickle in.

Refiner sales from China continued, with one oil major still seeking to offload at least two diesel lots for November shipments.

Some earlier deals in Southeast Asia for 2500ppm sulphur gasoil were done at double-digit premiums, though further details on the seller could not be confirmed. MDIS/TENDA

Meanwhile, deals for some Northeast Asian barrels done late last week were at discounts of $5 a barrel.

The front-month east-west price spread continued to hover at discounts of nearly $190 per metric ton.

Refining margins touched nearly $58 a barrel, recovering to a three-session high.

Cash differentials inched back down to slightly below a premium of 40 cents per barrel, tracking the narrower November-December backwardation and a lack of spot window deals.

Jet fuel markets were soft with cash differentials going back into deeper discounts and November-December timespreads at discounts.

Meanwhile, India's Mangalore Refinery and Petrochemicals offered November spot jet fuel via a tender that closes today.

December regrade was at a premium of slightly more than $1 a barrel.

SINGAPORE CASH DEALS O/AS

- No deal for diesel or jet fuel

NEWS

- Since shipping through the Strait of Hormuz was disrupted by the US-Israeli war on Iran, nearly 1 billion oil barrels have been drained from global inventories, the CEO of Abu Dhabi's state-owned oil company, ADNOC, said on Monday.

- South Korea's S-Oil, a unit of Saudi Aramco 2223.SE , said on Monday it expected Asian refining margins in the fourth quarter to be strong due to low global stocks of key products and heating demand.

- OPEC+ oil-producing countries kept December production targets steady on Sunday, confirming expectations that more policy adjustments will not occur until next year, as the group continues to struggle with export disruptions from the Iran war.

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