SINGAPORE, Dec 2 (Reuters) - Asian refining margins for 10 ppm gasoil dropped on Wednesday, weighed down by feeble demand and expectations for a rise in near-term supplies. Refining margins, also known as cracks, for 10 ppm gasoil fell to $5.27 a barrel over Dubai crude during Asian trade, down from a more than three-month high of $5.72 per barrel a day earlier. Cracks for the benchmark gasoil grade in Singapore have climbed about 5% in the last two weeks, but a Singapore-based trader said they might come under pressure due to ample availability of supplies relative to current demand. The Dec/Jan time spread for 10 ppm gasoil widened its contango structure by 2 cents on Wednesday to trade at a discount of 22 cents per barrel, Refinitiv Eikon data showed. Cash discounts for gasoil with 10 ppm sulphur contentwidened for a second consecutive session to 23 cents a barrel to Singapore quotes on Wednesday, compared with a 21-cent discount on Tuesday. INVENTORIES - Middle-distillate inventories in the Fujairah Oil Industry Zone dropped 12.8% to 5.4 million barrels in the week ended Nov. 30, data via S&P Global Platts showed. - The weekly stocks in Fujairah have averaged 4.1 million barrels so far in 2020, compared with the weekly average of 2.4 million barrels in 2019, Reuters calculations showed. - U.S. distillate stockpiles, which include diesel and heating oil, rose by 334,000 barrels in the week to Nov. 27, compared with expectations for a draw of 209,000 barrels, data from industry group the American Petroleum Institute (API) showed on Tuesday. SINGAPORE CASH DEALS - No gasoil deals, no jet fuel trades OTHER NEWS - Oil prices were steady on Wednesday as the market awaits a pact from producers on output and Britain became the first country to approve a COVID-19 vaccine for use, boosting hopes for a future recovery in oil demand. ASSESSMENTS MID-DISTILLATES CASH ($/T) ASIA CLOSE Change % Change Prev Close RIC Spot Gas Oil 0.5% 50.50 -0.94 -1.83 51.44 GO 0.5 Diff -1.32 -0.01 0.76 -1.31 Spot Gas Oil 0.25% 50.80 -0.94 -1.82 51.74 GO 0.25 Diff -1.02 -0.01 0.99 -1.01 Spot Gas Oil 0.05% 50.95 -0.94 -1.81 51.89 GO 0.05 Diff -0.87 -0.01 1.16 -0.86 Spot Gas Oil 0.001% 51.59 -0.95 -1.81 52.54 GO 0.001 Diff -0.23 -0.02 9.52 -0.21 Spot Jet/Kero 50.17 -0.72 -1.41 50.89 Jet/Kero Diff -0.25 0.02 -7.41 -0.27 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 Vinay Dwivedi)
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