SINGAPORE, Sept 7 (Reuters) - Asian refining margins for 10 ppm gasoil climbed on Monday, partly helped by weaker raw material crude prices, but the market for the industrial fuel remains pressured by abundant supplies and lacklustre demand. Refining profit margins, also known as cracks, for 10 ppm gasoil rose to $3.76 a barrel over Dubai crude during Asian trading hours, compared with $3.46 per barrel on Friday. Cracks for the benchmark gasoil grade in Singapore, which have shed 35% over the last month, remain about 75% lower than the historical average for this time of year, Refinitiv Eikon data showed. Extended coronavirus lockdowns in several key markets have rattled demand for the fuel across the region, which has also been grappling with supply issues on the back of higher exports coming from China and India, market watchers said. India's gasoil exports rose to a three-month high of 2.4 million tonnes in August, while China's exports soared to a four-month high of 1.71 million tonnes last month, Refinitiv oil research assessments showed. Gasoil exports from China would likely climb back to the 2 million tonnes range for the remainder of the year, according to the assessments. The current lack of arbitrage opportunities is another factor, contributing to supplies being locked within the region, trade sources said. The exchange of futures for swaps (EFS), which determines the gasoil price spread between Singapore and Northwest Europe, flipped into positive territory on Monday, trading around 18 cents per tonne, typically making it unworkable for arbitrage shipments. Arbitrage is usually profitable when the EFS trades at about minus $15 a tonne or below, though it depends on other factors such as freight rates as well, according to traders. Cash discounts for 10 ppm gasoilwere at 64 cents a barrel to Singapore quotes on Monday. SINGAPORE CASH DEALS - No gasoil deals, no jet fuel trades OTHER NEWS - China's crude oil imports in August climbed 13% from a year earlier, buoyed by hefty orders placed earlier this year when global oil prices collapsed and as cargoes previously delayed by congestion at arrival ports finally cleared customs. ASSESSMENTS MID-DISTILLATES CASH ($/T) ASIA CLOSE Change % Change Prev Close RIC Spot Gas Oil 0.5% 42.85 -1.72 -3.86 44.57 GO 0.5 Diff -2.28 0.05 -2.15 -2.33 Spot Gas Oil 0.25% 43.08 -1.73 -3.86 44.81 GO 0.25 Diff -2.04 0.05 -2.39 -2.09 Spot Gas Oil 0.05% 43.36 -1.66 -3.69 45.02 GO 0.05 Diff -1.77 0.10 -5.35 -1.87 Spot Gas Oil 0.001% 44.49 -1.75 -3.78 46.24 GO 0.001 Diff -0.64 0.02 -3.03 -0.66 Spot Jet/Kero 38.83 -1.77 -4.36 40.60 Jet/Kero Diff -1.10 0.08 -6.78 -1.18 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 Hugh Lawson)
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