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Energy

Asia Distillates-Gasoil cash discounts widen; Singapore middle distillate stocks rise

    SINGAPORE, Oct 15 (Reuters) - Asia's cash differentials for 10 ppm gasoil inched lower on
Thursday as ample supplies muted demand for physical cargoes, while onshore middle distillate
inventories in Singapore rose to a two-week high.
    Cash discounts for gasoil with 10 ppm sulphur content GO10-SIN-DIF widened by 2 cents to
50 cents a barrel to Singapore quotes on Thursday.
    The October/November time spread for 10 ppm gasoil in Singapore narrowed its
contango structure to trade at a discount of 45 cents per barrel on Thursday, compared with
minus 48 cents per barrel a day earlier.
    Refining margins, also known as cracks, for 10 ppm gasoil rose by 34 cents to
$3.86 a barrel over Dubai crude during Asian trading hours, partly helped by weaker feedstock
crude prices. 
    The gasoil cracks have climbed about 25% so far this month, but they continue to remain at
their lowest seasonal levels on record, according to Refinitiv Eikon data that goes back to
2014.
    
    INVENTORIES
    - Singapore's middle distillate inventories rose 2% to 15.1 million barrels in the week to
Oct. 14, according to Enterprise Singapore data.
    - Weekly Singapore middle distillate inventories have averaged about 13.4 million barrels so
far in 2020, Reuters calculations showed. This week's stocks were 59.5% higher year-on-year.
    - U.S. distillate stockpiles fell by 3.9 million barrels in the week to Oct. 9, compared
with expectations of a draw of 2.1 million barrels, data from industry group the American
Petroleum Institute (API) showed on Wednesday.
    
    SINGAPORE CASH DEALS
    - One jet fuel trade, no gasoil deals
    
    OTHER NEWS
    - Oil prices fell on Thursday as new restrictions to stem a surge in COVID-19 infections
have increased uncertainty over the outlook for economic growth and a recovery in fuel demand.

    - Singapore's residual fuel oil inventories climbed to a near two-month high in the week
ended Oct. 14, about 2% higher from the previous week by elevated net import volumes, official
data showed on Thursday. The higher stockpiles came despite steady demand for marine fuels in
the Singapore bunkering hub, trade sources said.
    
    ASSESSMENTS    
 MID-DISTILLATES                                                                          
 CASH ($/T)               ASIA CLOSE       Change   % Change   Prev Close  RIC
 Spot Gas Oil 0.5%                  44.34     0.91       2.10       43.43  GO-SIN
 GO 0.5 Diff                        -1.73    -0.02       1.17       -1.71  GO-SIN-DIF
 Spot Gas Oil 0.25%                 44.80     0.91       2.07       43.89  GO25-SIN
 GO 0.25 Diff                       -1.27    -0.02       1.60       -1.25  GO25-SIN-DIF
 Spot Gas Oil 0.05%                 44.94     0.91       2.07       44.03  GO005-SIN
 GO 0.05 Diff                       -1.13    -0.02       1.80       -1.11  GO005-SIN-DIF
 Spot Gas Oil 0.001%                45.57     0.90       2.01       44.67  GO10-SIN
 GO 0.001 Diff                      -0.50    -0.02       4.17       -0.48  GO10-SIN-DIF
 Spot Jet/Kero                      43.18     0.59       1.39       42.59  JET-SIN
 Jet/Kero Diff                      -0.53    -0.01       1.92       -0.52  JET-SIN-DIF
                                                                                          
 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 Krishna Chandra Eluri)
  
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