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Traded oil futures on TOCOM rise 2% on month to 545,658 trades in Nov

Singapore — Traded Oil futures on the Tokyo Commodity Exchange inched up 1.65% month on month to 545,658 trades in November, data provided by TOCOM showed.

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Year-on-year, traded oil futures was up 10.20% from 495,156 trades in November 2017, TOCOM data showed.

Traded oil futures on TOCOM in November were mostly higher month on month with cash-settled lorry gasoline contracts posting the largest month-on-month gain of 21.97% at 322 trades.

In contrast, gasoline contracts for delivery to Chukyo slumped 73.20% to 746 trades in November.

On the Singapore 92 RON gasoline Platts Market on Close assessment process, spot purchases dwindled as buyers took greater interest in term contracts.

The fourth batch of gasoline export quota announced by China in late November had also dampened market sentiment, while lackluster demand continued to plague the market.

Traded kerosene contracts posted a 5.84% fall month on month to 17,297 trades in November.

The Asian jet fuel/kerosene spot market has been languishing at multi-year-lows this winter, spurred by warm weather in Northeast Asia and a stubborn supply glut, S&P Global Platts reported.

In addition to the still-warm weather in Japan -- a key kerosene demand center in the region -- year-to-date high freight rates have also made moving cargoes out of Asia a challenge.

On gasoil, cash-settled barge and cash-settled lorry gasoil contracts both gained 19.32% to 315 trades in November, TOCOM showed.

Despite this, the Asian physical gasoil market was going through a period of weakness in November, brought on by contracting demand coupled with ample supplies in the region.

Similar to the gasoline market, the situation in November was further exacerbated by additional gasoil volumes expected to flow out from China, on the back of extra quota allocations for gasoil exports.

TOCOM provides futures and options trading in oil, precious metals and agriculture.

All oil futures contracts are physically delivered except for the Dubai crude, and barge- and lorry-delivered contracts, which are cash settled.

--Ng Jing Zhi, jz.ng@spglobal.com

--Staff, newsdesk@spglobal.com

--Edited by Norazlina Juma'at, norazlina.jumaat@spglobal.com