SINGAPORE, Nov 11 (Reuters) - Asia's cash discounts for jet fuel widened on Wednesday, hurt by muted buying interest in the physical market, while refining profit margins for the aviation fuel firmed for a second consecutive session. Cash discounts for jet fuelwere at 24 cents a barrel to Singapore quotes, compared with a discount of 9 cents per barrel a day earlier. Refining margins, also known as cracks, for jet fuel rose to $3.63 per barrel over Dubai crude during Asian trading hours, a fresh high since March 30. They were at $3.55 per barrel a day earlier. "The onset of winter in North Asia has been providing some support to the kero complex," said Sandy Kwa, oil market analyst at energy consultancy FGE. "Kerosene demand in Japan is starting to see a seasonal boost, and we believe that some Japanese refiners are redirecting some gasoil production back into the jet/kero pool." The jet fuel cracks, which also determine the profitability of kerosene, have surged 48% in the last week, Refinitiv Eikon data showed. INVENTORIES - Middle-distillate inventories in the Fujairah Oil Industry Zone slipped 1.7% to 5.4 million barrels in the week ended Nov. 9, data via S&P Global Platts showed. - The weekly stocks in Fujairah have averaged about 4 million barrels so far in 2020, compared with the weekly average of 2.4 million barrels in 2019, Reuters calculations showed. - U.S. distillate stockpiles fell by 5.6 million barrels in the week to Nov. 6, compared with expectations for a draw of 1.9 million barrels, data from industry group the American Petroleum Institute (API) showed on Tuesday. SINGAPORE CASH DEALS - No jet fuel trade, no gasoil deals OTHER NEWS - Oil prices climbed on Wednesday as hopes of an effective COVID-19 vaccine continued to bolster sentiment, while an industry report showed U.S. crude inventories fell more than expected. - Japanese oil refiner Idemitsu Kosan expects higher gasoline and diesel exports in the October-March half of its financial year as its run rates are likely to recover to 85%-89% from 70% in the first half, an executive said on Tuesday. ASSESSMENTS MID-DISTILLATES CASH ($/T) ASIA CLOSE Change % Change Prev Close RIC Spot Gas Oil 0.5% 48.23 2.38 5.19 45.85 GO 0.5 Diff -1.12 0.09 -7.44 -1.21 Spot Gas Oil 0.25% 48.61 2.38 5.15 46.23 GO 0.25 Diff -0.74 0.09 -10.84 -0.83 Spot Gas Oil 0.05% 48.86 2.44 5.26 46.42 GO 0.05 Diff -0.49 0.15 -23.44 -0.64 Spot Gas Oil 0.001% 49.19 2.54 5.44 46.65 GO 0.001 Diff -0.16 0.25 -60.98 -0.41 Spot Jet/Kero 47.38 1.74 3.81 45.64 Jet/Kero Diff -0.24 -0.15 166.67 -0.09 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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