SINGAPORE, Sept 24 (Reuters) - Asian refining profit margins for 10 ppm gasoil plunged to their weakest level in more than four months on Thursday as the region remained awash with supplies. Despite weaker raw material crude prices, refining margins for 10 ppm gasoil dropped to $1.97 a barrel over Dubai crude during Asian trading hours, a level not seen since May 5. The margins or cracks were at $2.18 per barrel on Wednesday. Cash differentials for 10 ppm gasoilwere at a discount of 63 cents a barrel to Singapore quotes on Thursday, as against a 59-cent discount per barrel a day earlier. The front-month time spread for gasoil with 10 ppm sulphur content widened its contango on Thursday to trade at a discount of 56 cents a barrel, compared with 49 cents a barrel on Wednesday, Refinitiv Eikon data showed. INVENTORIES - Singapore's middle distillate inventories rose 2.6% to a three-week high of 15.7 million barrels in the week to Sept. 23, according to Enterprise Singapore data. - Weekly Singapore middle distillate inventories have averaged about 13.3 million barrels so far in 2020, Reuters calculations showed. This week's stocks were 14.6% higher year-on-year. - U.S. distillate stockpiles fell by 3.4 million barrels in the week to 175.9 million barrels, compared with expectations of a 1 million-barrel rise, U.S. Energy Information Administration data showed on Wednesday. CHINA DIESEL EXPORTS SURGE - China's diesel exports in August doubled the levels in July to 1.09 million tonnes, customs data showed on Wednesday, as refiners shipped fuel overseas despite poor export margins to reduce brimming domestic oil product inventories. - The rebound in exports reversed four months of declines. Exports last month rose versus 550,000 tonnes in July but still 18% below the year-earlier level, data from the General Administration of Customs showed. SINGAPORE CASH DEALS - No gasoil deals, no jet fuel trades OTHER NEWS - A jump in weekly net import volumes lifted Singapore's residual fuel oil inventories by 11% to a five-week high in the week ended Sept. 23, official data showed on Thursday. - Oil prices dropped on Thursday, despite a fall in U.S. inventories last week, amid a stronger dollar and a renewed wave of COVID-19 cases in Europe that led to renewed travel restrictions in several countries. ASSESSMENTS MID-DISTILLATES CASH ($/T) ASIA CLOSE Change % Change Prev Close RIC Spot Gas Oil 0.5% 41.40 -0.41 -0.98 41.81 GO 0.5 Diff -2.02 -0.02 1.00 -2.00 Spot Gas Oil 0.25% 41.65 -0.41 -0.97 42.06 GO 0.25 Diff -1.77 -0.02 1.14 -1.75 Spot Gas Oil 0.05% 42.10 -0.41 -0.96 42.51 GO 0.05 Diff -1.32 -0.02 1.54 -1.30 Spot Gas Oil 0.001% 42.79 -0.43 -0.99 43.22 GO 0.001 Diff -0.63 -0.04 6.78 -0.59 Spot Jet/Kero 39.55 0.04 0.10 39.51 Jet/Kero Diff -1.12 0.03 -2.61 -1.15 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 Krishna Chandra Eluri)
Our Standards: The Thomson Reuters Trust Principles.