供应充足导致新加坡11月石油产品掉期交易环比下降40%

据全球石化新闻2019年12月4日新加坡报道，11月份，新加坡成品油掉期交易总量比10月份大幅下降了40.2%，至2483万桶，其中轻油掉期交易大幅减少。

统计数据显示，交易中的轻油掉期合约创下了64.3%的最大环比跌幅，至1005万桶，但仍比去年同期上涨了111.58%。

受需求疲软和供应充足的拖累，11月的大部分时间里，亚洲天然气市场需求依然疲软。据称，亚洲地区的买家只在必要时才会采购，而印度和中国出口的增长，以及年终的去库存化，令市场供应充足。

此外，由于运费高企和东西方价差强劲，把货物运往西方的套利经济也不可行，这令该地区的过剩成品油供应陷入困境，从而加剧了供应过剩。

与此同时，数据显示，11月份航空燃油掉期交易量出现了最大的月度环比增幅，飙升了111.54%，至275万桶。

去年11月，由于日本冬季前的需求低迷，供应充足，亚洲航空燃油市场在折扣区域内萎靡不振，但一些交易商预计，随着冬季需求的到来，短期内现金价差将会恢复。“冬季需求将永远存在；关键是量和时间，”新加坡一位交易商如是表示。

统计数据显示，新加坡11月份汽油掉期交易环比下降了17.87%，至501万桶，比去年同期下降了36.26%，而燃油掉期交易环比上升了10.79%，至647万桶，比去年同期下降了25.89%。

李峻 编译自 全球石化新闻

原文如下：

Singapore Nov oil product swap trades fall 40% on month amid ample supply

The total volume of Singapore refined oil product swaps traded in November fell 40.2% month on month to 24.83 million barrels, led by a plunge in traded gasoil swaps.

Traded gasoil swaps posted the largest month-on month fall of 64.3% to 10.05 million barrels, but were still up 111.58% year on year, data showed.

The Asian gasoil market remained weak for much of November, weighed down by sluggish demand and ample availability. Regional buyers were said to be procuring only on a need-to basis, while higher exports from India and China and annual year-end destocking kept the market comfortably supplied.

In addition, unviable arbitrage economics to move cargoes west due to high freight rates and strong east/west spreads trapped surplus barrels in the region, exacerbating the supply overhang.

Meanwhile, the volume of traded jet fuel swaps posted the largest month-on-month rise in November, surging 111.54% to 2.75 million barrels, the data showed.

The Asian jet fuel market languished in discount territory in November amid poor pre-winter demand in Japan and ample supply, but some traders expect cash differentials to recover in the near term as winter demand kicks in.

"Winter demand will always be there; it's just how much and when," a trader in Singapore said.

Traded gasoline swaps fell 17.87% on month to 5.01 million barrels in November and were down 36.26% on year, while traded fuel oil swaps rose 10.79% on month to 6.47 million barrels and were down 25.89% on year.