Diesel margins, cash diffs little changed; July sales still ongoing

Asia's diesel markets were still brimming with July spot sales from northeast Asia refiners since late last week, with this availability more than expected, though margins and cash premiums were little changed.

July spot activity was still ongoing, with a handful of northeast Asian refiners selling more than expected cargoes from before.

However, most deals done since late last week were in the discounted territory.

Meanwhile, there were talks of four India-origin shipments bound for northwest Europe in the next few weeks, traders say, though further details could not yet be confirmed.

Refining margins (GO10SGCKMc1) barely moved from last session's close, hovering at slightly more than $44.5 a barrel.

Tracking the limited deals and discussions on the trading window, cash differentials (GO10-SIN-DIF) barely moved and were slightly below $1.25 a barrel.

More jet sales were also done late last week, with at least two South Korean refiners selling cargoes at discounts of 60-80 cents per barrel for end-July.

For May, South Korea's exports of the fuel totalled nearly 1.1 million metric tons, official data showed, confirming an earlier Reuters report on the volumes. (O-KREXP-JET)

Regrade (JETREG10SGMc1) for August traded roughly at discounts of nearly $1 a barrel.

SINGAPORE CASH DEALS

- No deal for gasoil or jet fuel

REFINERY NEWS

- Venezuela's largest refinery, the 645,000-barrel-per-day Amuay, shut down operations on Sunday following a large power outage in western Falcon state, workers from that facility said.

NEWS

- Oil prices rose on Monday following days of tit-for-tat strikes by the U.S. and Iran that underscored the fragility of their interim peace deal and again slowed energy shipping through the Strait of Hormuz.

- Russian deputy prime minister Alexander Novak said on Sunday that there is no need for Russia to ban diesel exports, Interfax news agency reported.

- Middle East producers are pushing ahead with loading oil and liquefied natural gas despite fresh ship attacks in the Strait of Hormuz and renewed strikes between the U.S. and Iran in recent days, shipping data showed.

PRICES