SINGAPORE, Aug 25 (Reuters) - Asian cash discounts for 10 ppm gasoil narrowed for a third consecutive session on Tuesday, supported by a slight uptick in buying interest for physical cargoes, while the front-month spread for the industrial fuel trimmed its contango structure. Cash differentials for 10 ppm gasoilwere at a discount of 30 cents a barrel to Singapore quotes on Tuesday, compared with a 37-cent discount a day earlier. The September/October time spread for the benchmark gasoil grade in Singapore narrowed its contango on Tuesday by 5 cents to trade at a discount of 41 cents per barrel, Refinitiv Eikon data showed. Lesser exports from key markets such as India and China have helped reduce a supply overhang in the region, but there are still ample gasoil barrels available as refiners continue to blend jet fuel into the gasoil pool as much as possible, trade sources said. Refining margins or cracks for 10 ppm gasoil climbed to $5.26 a barrel over Dubai crude during Asian trade on Tuesday, up 7 cents from Monday. Meanwhile, jet fuel cracks remained in a negative territory and weakened to a discount of 54 cents a barrel to Dubai crude on Tuesday, as against minus 37 cents in the previous session. TENDERS - India's Mangalore Refinery and Petrochemicals Ltd (MRPL) has offered 65,000 tonnes of 10ppm gasoil for Sept. 15-17 loading from the port of New Mangalore. - The tender closes on Aug. 28 and has a same-day validity. SINGAPORE CASH DEALS - No gasoil deals, no jet fuel trades OTHER NEWS - Crude oil prices were mixed on Tuesday as traders weighed massive production cuts in the U.S. Gulf Coast from Tropical Storms Marco and Laura against rising coronavirus cases in Asia and Europe. - The oil price is holding steady close to $45 a barrel, but prices further forward and in the physical market are showing new signs of weakness mainly due to a fall in demand from China after the country's buying binge earlier in the year. ASSESSMENTS MID-DISTILLATES CASH ($/T) ASIA CLOSE Change % Change Prev Close RIC Spot Gas Oil 0.5% 47.73 0.72 1.53 47.01 GO 0.5 Diff -2.29 0.02 -0.87 -2.31 Spot Gas Oil 0.25% 47.93 0.77 1.63 47.16 GO 0.25 Diff -2.09 0.07 -3.24 -2.16 Spot Gas Oil 0.05% 48.04 0.72 1.52 47.32 GO 0.05 Diff -1.98 0.02 -1.00 -2.00 Spot Gas Oil 0.001% 49.72 0.77 1.57 48.95 GO 0.001 Diff -0.30 0.07 -18.92 -0.37 Spot Jet/Kero 43.81 0.42 0.97 43.39 Jet/Kero Diff -0.43 -0.06 16.22 -0.37 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 Aditya Soni)
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