Major South Korean refiners begin March spot gasoil sales, sources say

SINGAPORE, Feb 14 (Reuters) - Two of South Korea's major refiners have started March spot gasoil discussions via the sale tenders that close a day later, three sources familiar with the matter said on Wednesday.

GS Caltex [RIC:RIC:GSCAL.UL] offered one 300,000-barrel cargo each of 10ppm sulphur, 50ppm sulphur and 5000ppm sulphur gasoil loading March 13-15, 22-24 and 5-7, respectively.

Separately, SK Energy, a subsidiary of SK Innovation 096770.KS, offered 4 spot 300,000-barrel cargoes of 10ppm sulphur gasoil loading March 4-8, 6-10, 14-18 and 19-23.

These offers came in slightly later than last month due to regional holidays, one of the three sources said.

It was unclear how these refiners' spot availability would compare with February loading as it is still profitable to produce gasoil though average crude runs could drop in March as maintenance season will soon start, a second source said.

Refining margins for the fuel, known as cracks, have soared by more than $2 a barrel in the past two weeks to above $28 a barrel, pricing data from LSEG showed on Wednesday. GO10SGCKMc1

GS Caltex, SK Energy, S-Oil 010950.KS and Hyundai Oilbank [RIC:RIC:INPTVH.UL] sold at least 16 300,000-450,000-barrel 10ppm sulphur gasoil cargoes for February-loading earlier at prices ranging between a small premium to a discount of up to $3 linked to Singapore price quotes, Reuters tender records showed.

These companies typically do not give official comments on commercial matters.

(Reporting by Trixie Yap; Editing by Mrigank Dhaniwala)

((trixie.yap@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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