SINGAPORE, Nov 19 (Reuters) - Asia's cash differentials for jet fuel inched up on Thursday as the front-month spread narrowed its contango structure, while middle distillate inventories in Singapore dropped to a two-week low. Cash discounts for jet fuelwere at 42 cents a barrel to Singapore quotes, compared with a 48-cent discount a day earlier. The Dec/Jan time spread for the aviation fuel in Singapore traded at a discount of 32 cents per barrel on Thursday, compared with minus 34 cents per barrel on Wednesday. Although a seasonal uptick in kerosene demand from North Asia has offered some support to the jet fuel market in recent weeks, the overall near-term outlook for aviation demand remains bleak due to surging COVID-19 infections in several countries, trade sources said. Refining margins or cracks for jet fuel nudged higher by 3 cents to $2.98 per barrel over Dubai crude during Asian trading hours, partly helped by weaker feedstock crude prices. The jet fuel cracks, which also determine the profitability of closely related kerosene, have more than doubled over the last month, Refinitiv Eikon data showed. INVENTORIES - Singapore's middle distillate inventories dropped 3% to 16.1 million barrels in the week to Nov. 18, according to Enterprise Singapore data. - Weekly Singapore middle distillate inventories have averaged about 13.7 million barrels so far in 2020, Reuters calculations showed. This week's stocks were 38.4% higher year-on-year. - U.S. distillate stockpiles fell by 5.2 million barrels in the week to Nov. 13, far exceeding expectations for a 1.5 million-barrel drop, U.S. Energy Information Administration data showed on Wednesday. TENDERS - Wilmar was seeking 38,000 tonnes of 2,500 ppm gasoil for delivery into Balikpapan, Indonesia over Dec. 26-30 in a tender scheduled to close on Nov. 18 with a same-day validity, trade sources said. - Indonesia has imported about 82,000 tonnes of gasoil so far in November, having imported 261,000 tonnes of gasoil last month, Refinitiv oil research assessments showed. SINGAPORE CASH DEALS - No jet fuel trades, no gasoil deals ASSESSMENTS MID-DISTILLATES CASH ($/T) ASIA CLOSE Change % Change Prev Close RIC Spot Gas Oil 0.5% 47.72 0.28 0.59 47.44 GO 0.5 Diff -1.13 0.01 -0.88 -1.14 Spot Gas Oil 0.25% 48.07 0.28 0.59 47.79 GO 0.25 Diff -0.78 0.01 -1.27 -0.79 Spot Gas Oil 0.05% 48.32 0.28 0.58 48.04 GO 0.05 Diff -0.53 0.01 -1.85 -0.54 Spot Gas Oil 0.001% 48.71 0.28 0.58 48.43 GO 0.001 Diff -0.14 0.01 -6.67 -0.15 Spot Jet/Kero 46.33 0.35 0.76 45.98 Jet/Kero Diff -0.42 0.06 -12.50 -0.48 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 Devika Syamnath)
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