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 contentwidened 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 0.5 Diff -1.73 -0.02 1.17 -1.71 Spot Gas Oil 0.25% 44.80 0.91 2.07 43.89 GO 0.25 Diff -1.27 -0.02 1.60 -1.25 Spot Gas Oil 0.05% 44.94 0.91 2.07 44.03 GO 0.05 Diff -1.13 -0.02 1.80 -1.11 Spot Gas Oil 0.001% 45.57 0.90 2.01 44.67 GO 0.001 Diff -0.50 -0.02 4.17 -0.48 Spot Jet/Kero 43.18 0.59 1.39 42.59 Jet/Kero Diff -0.53 -0.01 1.92 -0.52 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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