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Energy

Asia Distillates-Gasoil cracks tumble to lowest in nearly five months

    SINGAPORE, Sept 24 (Reuters) - Asian refining profit margins for 10 ppm gasoil plunged to
their weakest level in more than four months on Thursday as the region remained awash with
supplies.
    Despite weaker raw material crude prices, refining margins for 10 ppm gasoil
dropped to $1.97 a barrel over Dubai crude during Asian trading hours, a level not seen since
May 5. The margins or cracks were at $2.18 per barrel on Wednesday.
    Cash differentials for 10 ppm gasoil GO10-SIN-DIF were at a discount of 63 cents a barrel
to Singapore quotes on Thursday, as against a 59-cent discount per barrel a day earlier.
    The front-month time spread for gasoil with 10 ppm sulphur content widened
its contango on Thursday to trade at a discount of 56 cents a barrel, compared with 49 cents a
barrel on Wednesday, Refinitiv Eikon data showed.
    
    INVENTORIES
    - Singapore's middle distillate inventories rose 2.6% to a three-week high of 15.7 million
barrels in the week to Sept. 23, according to Enterprise Singapore data.
    - Weekly Singapore middle distillate inventories have averaged about 13.3 million barrels so
far in 2020, Reuters calculations showed. This week's stocks were 14.6% higher year-on-year.
    - U.S. distillate stockpiles fell by 3.4 million barrels in the week to 175.9 million
barrels, compared with expectations of a 1 million-barrel rise, U.S. Energy Information
Administration data showed on Wednesday.
    
    CHINA DIESEL EXPORTS SURGE
    - China's diesel exports in August doubled the levels in July to 1.09 million tonnes,
customs data showed on Wednesday, as refiners shipped fuel overseas despite poor export margins
to reduce brimming domestic oil product inventories.
    - The rebound in exports reversed four months of declines. Exports last month rose versus
550,000 tonnes in July but still 18% below the year-earlier level, data from the General
Administration of Customs showed.
    
    SINGAPORE CASH DEALS
    - No gasoil deals, no jet fuel trades

    OTHER NEWS
    - A jump in weekly net import volumes lifted Singapore's residual fuel oil inventories by
11% to a five-week high in the week ended Sept. 23, official data showed on Thursday.

    - Oil prices dropped on Thursday, despite a fall in U.S. inventories last week, amid a
stronger dollar and a renewed wave of COVID-19 cases in Europe that led to renewed travel
restrictions in several countries.
   
    
    ASSESSMENTS
 MID-DISTILLATES                                                                        
 CASH ($/T)             ASIA CLOSE       Change   % Change   Prev Close  RIC
 Spot Gas Oil 0.5%                41.40    -0.41      -0.98       41.81  GO-SIN
 GO 0.5 Diff                      -2.02    -0.02       1.00       -2.00  GO-SIN-DIF
 Spot Gas Oil 0.25%               41.65    -0.41      -0.97       42.06  GO25-SIN
 GO 0.25 Diff                     -1.77    -0.02       1.14       -1.75  GO25-SIN-DIF
 Spot Gas Oil 0.05%               42.10    -0.41      -0.96       42.51  GO005-SIN
 GO 0.05 Diff                     -1.32    -0.02       1.54       -1.30  GO005-SIN-DIF
 Spot Gas Oil 0.001%              42.79    -0.43      -0.99       43.22  GO10-SIN
 GO 0.001 Diff                    -0.63    -0.04       6.78       -0.59  GO10-SIN-DIF
 Spot Jet/Kero                    39.55     0.04       0.10       39.51  JET-SIN
 Jet/Kero Diff                    -1.12     0.03      -2.61       -1.15  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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