SINGAPORE, June 3 (Reuters) - Asia's cash differentials for 10 ppm firmed on Thursday, after Singapore middle distillate inventories plunged to their lowest level in nearly 15 months. Cash discounts for gasoil with 10 ppm sulphur contentnarrowed to 6 cents per barrel to Singapore quotes, compared with a 12-cent discount a day earlier. Refining margins, or cracks, for 10 ppm gasoil rose to $8.78 per barrel over Dubai crude during Asian trading hours, up from $8.51 a barrel on Wednesday. Meanwhile, jet fuel cracks in Singapore, which is currently more than 35% lower than their five-year seasonal average for this time of the year, were up 12 cents at $6.47 per barrel over Dubai crude. "Middle distillates are proving to continue to be the weak link (in Asia), with jet demand obviously still struggling on the back of reduced aviation demand," said Philip Jones-Lux, energy market analyst at JBC Energy. "Diesel demand has proven relatively resilient through much of the pandemic, but with Indian mobility taking a hit --a market where diesel is more prevalent in personal travel than elsewhere in Asia -- and monsoon season coming, diesel is also now under pressure," he added. INVENTORIES - Singapore's middle distillate inventories dropped 7.9% to 11.5 million barrels in the week to June 2, a level not seen since March last year, according to Enterprise Singapore data. - Weekly Singapore middle distillate inventories have averaged 13.89 million barrels so far this year, compared with an average of 13.86 million barrels in 2020, Reuters calculations showed. This week's stocks were 21.6% lower than a year earlier. - U.S. distillate fuel inventories, which include diesel and heating oil, climbed by 1.56 million barrels in the week to May 28, according to two market sources, citing American Petroleum Institute (API) figures. SINGAPORE CASH DEALS - Two gasoil trades, no jet fuel deals OTHER NEWS - China's state planner on Thursday warned provincial and regional governments against missing their energy consumption and efficiency targets for 2021 after two-thirds of them fell short of at least some of their goals in the first quarter. - India's government will bring forward to 2023 from 2025 the possibility of fuel companies selling gasoline containing up to 20% of ethanol (E20), according to brokers and a publication in the country's official gazette on Wednesday. ASSESSMENTS MID-DISTILLATES CASH ($/T) ASIA CLOSE Change % Change Prev Close RIC Spot Gas Oil 0.5% 75.08 1.08 1.46 74 GO 0.5 Diff -2.62 0.03 -1.13 -2.65 Spot Gas Oil 0.25% 75.29 1.08 1.46 74.21 GO 0.25 Diff -2.41 0.03 -1.23 -2.44 Spot Gas Oil 0.05% 75.4 1.08 1.45 74.32 GO 0.05 Diff -2.3 0.03 -1.29 -2.33 Spot Gas Oil 0.001% 77.64 1.11 1.45 76.53 GO 0.001 Diff -0.06 0.06 -50.00 -0.12 Spot Jet/Kero 74.82 0.71 0.96 74.11 Jet/Kero Diff -0.25 -0.05 25.00 -0.2 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;)
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