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.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. 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 0.5 Diff -1.66 -0.03 1.84 -1.63 Spot Gas Oil 0.25% 67.26 0.45 0.67 66.81 GO 0.25 Diff -1.56 -0.04 2.63 -1.52 Spot Gas Oil 0.05% 67.55 0.48 0.72 67.07 GO 0.05 Diff -1.27 -0.01 0.79 -1.26 Spot Gas Oil 0.001% 68.62 0.43 0.63 68.19 GO 0.001 Diff -0.19 -0.05 35.71 -0.14 Spot Jet/Kero 65.49 0.17 0.26 65.32 Jet/Kero Diff -0.49 -0.06 13.95 -0.43 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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