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Asia Distillates-Gasoil, jet cash discounts widen to over one-month high

    SINGAPORE, March 3 (Reuters) - Asia's cash discounts for cargoes of jet fuel and 10 ppm
gasoil widened on Wednesday, climbing to over one-month high amid weaker deal values in the
Singapore trading window and limited near-term demand. 
    While poor demand for aviation continues to dog the jet fuel market, gasoil demand in Asia
is expected to climb steadily as countries ease pandemic restrictions and seasonal refinery
maintenance in the region may weigh on supplies, trade sources said.
    The 10 ppm cash discount fell to minus 19 cents a barrel on Wednesday, widest since Jan. 28
and down from minus 14 cents in the previous session. GO10-SIN-DIF
    Similarly, cash differentials for jet fuel dropped to a discount of 49 cents per barrel to
Singapore quotes on Wednesday, a level not seen since Nov. 17. They were at a discount of 43
cents per barrel on Tuesday. JET-SIN-DIF
    
    INVENTORIES
    - Middle-distillate inventories in the Fujairah Oil Industry Zone rose 1.4% to a two-week
high of 4.123 million barrels in the week ended March 1, data via S&P Global Platts showed.

    - The weekly stocks in Fujairah have averaged 4.353 million barrels so far this year,
compared with a weekly average of 4.2 million barrels in 2020, Reuters calculations showed.
    - U.S. distillate fuel inventories, which include diesel and heating oil, fell by 9.1
million barrels, compared to expectations for a draw of 3 million barrels, data from industry
group the American Petroleum Institute showed.
    
    INDIA 
    India's fuel consumption could rise by 9.8% in the year to March 2022, its highest pace of
growth in six years, driven by robust demand for gasoline and gasoil in Asia's third largest
economy, according to initial government projections.
    India could consume 215.24 million tonnes of refined fuels in the financial year 2021/22
compared to the revised estimate of 195.94 million tonnes consumed in 2020/21, data posted on
the website of Petroleum Planning Analysis Cell (PPAC) showed.
    Local sales of gasoil and gasoline, which together account for half of overall refined fuel
sales in India, are projected to rise by 13.3% each, the data showed.

    OPEC 
    OPEC and allies, known as OPEC+, are considering rolling over oil production cuts from March
into April instead of raising output because of fragile oil demand recovery due to persisting
worries about the coronavirus, three OPEC+ sources told Reuters.
    Crude prices rallied as a result since the market had been widely expecting OPEC+ to ease
production cuts, which have been the deepest ever, by around 0.5 million barrels per day (bpd)
from April.
    
    SINGAPORE CASH DEALS
    Two gasoil trades, none on jet fuel.
    
    ASSESSMENTS
 MID-DISTILLATES                                                             
 CASH ($/T)                     ASIA CLOSE     Change  % Change  Prev Close  RIC
 Spot Gas Oil 0.5%              67.16          0.46    0.69      66.70       GO-SIN
 GO 0.5 Diff                    -1.66          -0.03   1.84      -1.63       GO-SIN-DIF
 Spot Gas Oil 0.25%             67.26          0.45    0.67      66.81       GO25-SIN
 GO 0.25 Diff                   -1.56          -0.04   2.63      -1.52       GO25-SIN-DIF
 Spot Gas Oil 0.05%             67.55          0.48    0.72      67.07       GO005-SIN
 GO 0.05 Diff                   -1.27          -0.01   0.79      -1.26       GO005-SIN-DIF
 Spot Gas Oil 0.001%            68.62          0.43    0.63      68.19       GO10-SIN
 GO 0.001 Diff                  -0.19          -0.05   35.71     -0.14       GO10-SIN-DIF
 Spot Jet/Kero                  65.49          0.17    0.26      65.32       JET-SIN
 Jet/Kero Diff                  -0.49          -0.06   13.95     -0.43       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 Roslan Khasawneh; Editing by Vinay Dwivedi)
  
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