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% align="justify">The total volume of Singapore refined oil product swaps traded in November fell 40.2% month align="justify">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 align="justify">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 align="justify">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% align="justify">