SINGAPORE, Sept 10 (Reuters) - Asia's cash discounts for 10 ppm gasoil narrowed marginally on Thursday, after weekly middle distillate inventories in Singapore dropped from a multi-year high hit last week. Cash discounts for 10 ppm gasoilwere at 67 cents a barrel to Singapore quotes on Thursday, compared with a discount of 70 cents a day earlier. The September/October time-spread for the benchmark gasoil grade in Singapore remained in a contango structure to trade at a discount of 63 cents a barrel, Refinitiv Eikon data showed. Refining profit margins for 10 ppm gasoil climbed by $1.10 to $3.67 a barrel over Dubai crude during Asian trading hours, buoyed by weaker raw material crude prices on Thursday. INVENTORIES - Singapore's middle distillate inventories dropped 6.1% to 15.1 million barrels in the week ended Sept. 9, down from a more than nine-year high in the previous week, Enterprise Singapore data showed. - Weekly Singapore middle distillate inventories have averaged about 13.2 million barrels so far in 2020, Reuters calculations showed. This week's stocks were 35.9% higher year on year. - U.S. distillate stockpiles rose by 2.3 million barrels, compared with expectations for a draw of 557,000 barrels, data from industry group the American Petroleum Institute showed on Wednesday. INDIA'S FUEL CONSUMPTION SLUMPS IN AUGUST - India's fuel demand slipped in August, posting the biggest monthly decline since April, as a surge in coronavirus infections continue to throttle economic activity and transportation, government data showed on Wednesday. - The country's diesel consumption, a key parameter linked to economic growth and accounts for about 40% of overall refined fuel sales in India, fell by about 12% to 4.85 million tonnes last month from 5.51 million tonnes in July. TENDERS - India's Mangalore Refinery and Petrochemicals Ltd (MRPL) has offered 65,000 tonnes of 10ppm gasoil for Oct. 3-5 loading from the port of New Mangalore. The tender closes on Sept. 15 and has a same-day validity. - MRPL has sold a similar cargo for mid-September loading to a buyer in Europe, a trade source said. SINGAPORE CASH DEALS - No gasoil deals, no jet fuel trades OTHER NEWS - A stalled global economic recovery from the coronavirus crisis is leading to a fresh build-up of global oil supplies, pushing traders including Trafigura to book tankers to store millions of barrels of crude oil and refined fuels at sea again. ASSESSMENTS MID-DISTILLATES CASH ($/T) ASIA CLOSE Change % Change Prev Close RIC Spot Gas Oil 0.5% 41.13 0.13 0.32 41.00 GO 0.5 Diff -2.23 0.02 -0.89 -2.25 Spot Gas Oil 0.25% 41.37 0.13 0.32 41.24 GO 0.25 Diff -1.99 0.02 -1.00 -2.01 Spot Gas Oil 0.05% 41.68 0.15 0.36 41.53 GO 0.05 Diff -1.68 0.04 -2.33 -1.72 Spot Gas Oil 0.001% 42.69 0.14 0.33 42.55 GO 0.001 Diff -0.67 0.03 -4.29 -0.70 Spot Jet/Kero 36.78 0.28 0.77 36.50 Jet/Kero Diff -1.20 0.05 -4.00 -1.25 For a list of derivatives prices, including margins, please double click the RICs below. Brent M1 Gasoil M1 Gasoil M1/M2 Gasoil M2 Regrade M1 Regrade M2 Jet M1 Jet M1/M2 Jet M2 Gasoil 500ppm-Dubai Cracks M1 Gasoil 500ppm-Dubai Cracks M2 Jet Cracks M1 Jet Cracks M2 East-West M1 East-West M2 LGO M1 LGO M1/M2 LGO M2 Crack LGO-Brent M1 Crack LGO-Brent M2 (Reporting by Koustav Samanta; Editing by Sherry Jacob-Phillips)
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