SINGAPORE, June 23 (Reuters) - Asian refining profit margins for 10 ppm gasoil slipped on Tuesday as traders feared a widespread resurgence of the COVID-19 outbreak in the region would likely dampen demand recovery. Refining margins or cracks for gasoil with 10-ppm sulphur content dropped 41 cents to $$6.31 a barrel over Dubai crude during Asian trading hours, the lowest in more than a week. Seasonal turnarounds and rate cuts at refineries had helped rein in a supply overhang in the region, but the gasoil market would come under pressure again as refineries ramp up production, trade sources said. Refinitiv oil research assessments showed that this month is expected to see top refining countries in Asia raising run rates. Cash premiums for 10-ppm gasoilslipped to 67 cents a barrel to Singapore quotes on Tuesday, down from 75 cents per barrel a day earlier. Meanwhile, cash discounts for jet fuel were at 81 cents a barrel to Singapore quotes on Tuesday, compared with a discount of 64 cents on Monday. CHINA HITS BRAKES ON CRUDE IMPORTS - China will press the brakes on crude imports in the third quarter, after record purchases in recent months, as higher oil prices hurt demand and refiners worry about a second virus outbreak, analysts and trade sources said. - China imported a record 11.3 million barrels per day (bpd) of crude in May. But the world's top crude importer is expected to receive around 0.8-1.3 million bpd less crude from abroad in August and September than it did in May, analysts forecast. SINGAPORE CASH DEALS - No jet fuel trades, no gasoil deals OTHER NEWS - Oil prices steadied on Tuesday after a volatile session sparked by confusion over the status of the U.S.-China trade deal. - China aims to produce 1% more crude oil this year than in 2019 and to boost natural gas output by 4.3%, official targets showed on Monday, as the country seeks to safeguard energy security even after a coronavirus-driven collapse in oil prices. ASSESSMENTS MID-DISTILLATES CASH ($/T) ASIA CLOSE Change % Change Prev Close RIC Spot Gas Oil 0.5% 47.98 0.88 1.87 47.10 GO 0.5 Diff -1.10 0.01 -0.90 -1.11 Spot Gas Oil 0.25% 48.62 0.88 1.84 47.74 GO 0.25 Diff -0.46 0.01 -2.13 -0.47 Spot Gas Oil 0.05% 49.51 0.86 1.77 48.65 GO 0.05 Diff 0.43 -0.01 -2.27 0.44 Spot Gas Oil 0.001% 49.75 0.79 1.61 48.96 GO 0.001 Diff 0.67 -0.08 -10.67 0.75 Spot Jet/Kero 44.49 0.25 0.57 44.24 Jet/Kero Diff -0.81 -0.17 26.56 -0.64 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 Sherry Jacob-Phillips)
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