SINGAPORE, Sept 16 (Reuters) - Asian refining margins for 10 ppm gasoil dropped to their weakest in a week on Wednesday as crude prices firmed, while cash discounts for the industrial fuel lingered near multi-week lows due to sluggish demand and abundant supplies. Refining margins or cracks for 10 ppm gasoil eased to $3.16 a barrel over Dubai crude during Asian trading hours, down from $3.83 per barrel on Tuesday. Cash discounts for 10 ppm gasoilwere at 65 cents a barrel to Singapore quotes, compared with a discount of 61 cents per barrel a day earlier. The gasoil spot differentials hit a more than three-month low of minus 70 cents last week. INVENTORIES - Middle-distillate inventories in the Fujairah Oil Industry Zone dipped 0.3% to 3.8 million barrels in the week ended Sept. 14, data via S&P Global Platts showed. - The weekly stocks in Fujairah have averaged 3.9 million barrels so far in 2020, compared with a weekly average of 2.4 million barrels in 2019, Reuters calculations showed. - Meanwhile, U.S. distillate fuel inventories fell by 1.1 million barrels, compared with expectations for a build of 600,000 barrels, data from industry group the American Petroleum Institute (API) showed on Tuesday. TENDERS - India's Mangalore Refinery and Petrochemicals Ltd (MRPL) has offered 65,000 tonnes of 10ppm gasoil for Oct. 14-16 loading from the port of New Mangalore. The tender closes on Sept. 22 and has a same-day validity. SINGAPORE CASH DEALS - No gasoil deals, no jet fuel trades OTHER NEWS - A Singapore oil trader has won favourable decisions from the Paris-based International Chamber of Commerce (ICC) against two banks in trade-finance disputes related to troubled Hin Leong Trading, documents reviewed by Reuters showed. - Winson Oil Trading Pte Ltd believes the non-binding decisions will strengthen its claims in court against Standard Chartered Bank (Singapore) and Oversea-Chinese Banking Corp (OCBC), sources familiar with the matter said. - Oil rose for a second day on Wednesday, gaining more than 2%, as a hurricane closed U.S. offshore production and an industry report showed U.S. crude inventories unexpectedly decreased. ASSESSMENTS MID-DISTILLATES CASH ($/T) ASIA CLOSE Change % Change Prev Close RIC Spot Gas Oil 0.5% 42.38 1.36 3.32 41.02 GO 0.5 Diff -2.06 -0.01 0.49 -2.05 Spot Gas Oil 0.25% 42.62 1.36 3.30 41.26 GO 0.25 Diff -1.82 -0.01 0.55 -1.81 Spot Gas Oil 0.05% 43.02 1.36 3.26 41.66 GO 0.05 Diff -1.42 -0.01 0.71 -1.41 Spot Gas Oil 0.001% 43.78 1.32 3.11 42.46 GO 0.001 Diff -0.65 -0.04 6.56 -0.61 Spot Jet/Kero 38.70 1.71 4.62 36.99 Jet/Kero Diff -1.21 0.01 -0.82 -1.22 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 Rashmi Aich)
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