SINGAPORE, June 30 (Reuters) - Asian refining margins for 10 ppm gasoil dropped for a third consecutive session on Tuesday, weighed down by concerns of a new wave of coronavirus on demand recovery, while refiners increase production, adding to an existing supply overhang in the region. Refining margins or cracks for gasoil with 10-ppm sulphur content dropped 13 cents to $6.16 a barrel over Dubai crude during Asian trade on Tuesday, the lowest since June 12. The gasoil profits are currently at their weakest seasonal levels on record, according to Refinitiv Eikon data that goes back to 2014. The regional gasoil market is expected to get additional fresh supplies as refineries in countries such as India, South Korea, Japan and Thailand, alongside Chinese refiners ramp up output, market watchers said. But traders believe the worst from the pandemic is over, and that should support the overall refining margins in the region going forward. "Currently, our team of economists are expecting gradual recovery in growth and demand to start to kick in from the third quarter of 2020 as the most stringent containment measures are lifted," said Peter Lee, senior oil and gas analyst at Fitch Solutions. "This should prove helpful for diesel demand, as industrial activities make a comeback from months-long hiatus, although a return to pre-Covid-19 norms could take months if not quarters." Cash premiums for 10-ppm gasoilrose to 88 cents a barrel to Singapore quotes on Tuesday, up from 67 cents per barrel a day earlier. Meanwhile, cash discounts for jet fuel were at 67 cents a barrel to Singapore quotes on Tuesday, compared with a 79-cent discount on Monday. TENDERS - UAE's Emirates General Petroleum Corporation (Emarat) was looking to buy 20,000 tonnes of 10ppm gasoil for July 26-27 delivery into Jebel Ali port. - The tender closes on June 30 will remain valid until July 2. SINGAPORE CASH DEALS - No jet fuel trades, no gasoil deals OTHER NEWS - Oil prices slipped on Tuesday as traders took profits after sharp gains in the previous session and Libya's state oil company flagged progress on talks to resume exports, potentially boosting supply. ASSESSMENTS MID-DISTILLATES CASH ($/T) ASIA CLOSE Change % Change Prev Close RIC Spot Gas Oil 0.5% 46.46 1.47 3.27 44.99 GO 0.5 Diff -0.84 0.16 -16.00 -1.00 Spot Gas Oil 0.25% 47.10 1.47 3.22 45.63 GO 0.25 Diff -0.20 0.16 -44.44 -0.36 Spot Gas Oil 0.05% 47.93 1.41 3.03 46.52 GO 0.05 Diff 0.64 0.11 20.75 0.53 Spot Gas Oil 0.001% 48.18 1.42 3.04 46.76 GO 0.001 Diff 0.88 0.11 14.29 0.77 Spot Jet/Kero 41.85 1.42 3.51 40.43 Jet/Kero Diff -0.67 0.12 -15.19 -0.79 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 Louise Heavens)
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