Traded oil futures on TOCOM fall 15% on month in Oct, slide 57% on year
http://www.chemnet.com Nov 05,2019 S&P Global PlattsTraded oil futures on the Tokyo Commodity Exchange fell 15.06% month on month to 227,986 trades in October, and were down 57.53% year on year, TOCOM data released Monday showed.
Traded Dubai crude oil contracts fell 17.09% month on month to 199,051 trades in October, and were down 53.62% year on year, the data showed.
The number of kerosene contracts traded on TOCOM fell for the third straight month, contracting 2.4% from September to 7,560 trades, while cash-settled barge kerosene rose 12.5% over the same period to 252 trades.
The outlook for the jet fuel/kerosene market remained poor due to weakening kerosene fundamentals heading into the peak winter heating season, and with unrest in the aviation hub of Hong Kong taking a toll on the aviation sector, industry sources said.
Japan, the region's single largest buyer of kerosene in winter, remains relatively well-stocked this year, opting to ramp up domestic production rather than import, sources said.
Both cash-settled barge gasoil and lorry gasoil rose 16.67% month on month to 252 trades amid supply tightness in the physical gasoil market as a result of the September 14 attacks on Saudi Arabian oil facilities.
However, buying momentum eased off towards the end of October after most buyers had fulfilled their requirements and as sharp jump in freight rates prompted other buyers to wait on the sidelines.
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.