GASOLINE

The differential for MR-size cargoes of 92RON gasoline on an FOB Northeast Asia basis fell on slack supply/demand fundamentals. Exports from China were increasing as domestic demand was weakening due to the epidemic of pneumonia caused by the new coronavirus. Meanwhile, demand for spot cargoes in Southeast Asia including Indonesia remained poor. On Tuesday, China National Offshore Oil Co (CNOOC) sold an MR-size cargo of 92RON gasoline loading on Mar 20-21 from South China at a slight discount to the quotations on an FOB basis.

NAPHTHA

In terms of Asian naphtha markets situations, an Asian oil company saw that the prices would possibly drop after this, but it would depend on affairs surrounds new coronavirus amid untransparent atmospheres. At least, dumps in demand due to turnaround seasons for naphtha crackers would be assumed in April, so that the sentiment would be basically keeping fragile.

MIDDLE DISTILLATES

The differentials for MR-size cargoes of 0.001% sulfur gasoil on an FOB Northeast Asia basis dipped on sluggish demand. Due to limited outlets for 0.001% sulfur gasoil cargoes, buying interests of traders were weak. It was reported that an MR-size cargo from Japan loading in Japan was traded at a discount of 80cts/bbl to the quotations on an FOB basis. A refiner in the country seemed to sell an MR-size cargo of 0.001% sulfur gasoil loading in March at a discount of 65cts/bbl to the quotations on an FOB basis.

FUEL OIL

The differential for MR-size cargoes of 0.5% sulfur fuel oil on an FOB South Korea basis slid with an emerging sense of slackness in supply and demand fundamentals. In Asian regions, disruptions for seaborn transportations by outbreaking new epidemic were ongoing and demand for 0.5% sulfur fuel oil as the feedstock of VLSFO was in a phase of recession. At the same time, the supply from China and so on was assumed to increase. Since the start of value-added tax policy from February by the Chinese government, PetroChina exported 5,300mt 0.5% sulfur fuel oil for February loading for the first time. In Taiwan, Formosa Petrochemical Co (FPCC) was intending to sell 0.5% sulfur fuel oil for March loading.

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