Oil report

Asia Distillates-Gasoil refining margins plunge to lowest in over 2-1/2 months

    SINGAPORE, Aug 27 (Reuters) - Asian refining margins for 10 ppm gasoil slumped to their
weakest level in over 2-1/2 months on Thursday, while cash differentials for the industrial fuel
grade dropped after middle distillate inventories in Singapore rose to a two-week high.
    Refining margins or cracks for 10 ppm gasoil fell to $4.65 a barrel over Dubai
crude during Asian trade on Tuesday, a level not seen since June 8. 
    Cracks for the benchmark gasoil grade in Singapore, which have shed about 22% in the last
two weeks, were at $5.13 a barrel on Wednesday.
    The regional gasoil market remains under pressure from adequate supplies, while prolonged
coronavirus lockdowns in several markets continue to dampen demand, trade sources said.
    Cash discounts for 10 ppm gasoil GO10-SIN-DIF were at 35 cents a barrel to Singapore
quotes on Thursday, compared with a discount of 30 cents per barrel a day earlier.
    Monsoon floods in parts of India, China and South Korea are also hurting domestic demand in
those countries and are expected to result in higher exports from these key markets, traders
    Heavy rainfall and floods during the monsoon season typically dent gasoil consumption in the
transportation and agricultural sectors.
    - Singapore onshore middle distillate stocks climbed 1.2% to 14.4 million barrels in the
week ended Aug. 26, Enterprise Singapore data showed.
    - Weekly Singapore middle distillate inventories have averaged about 13.1 million barrels so
far in 2020, Reuters calculations showed. This week's stocks were 27.7% higher year on year.
    - U.S. distillate stockpiles rose by 1.4 million barrels, versus expectations for a
726,000-barrel drop, U.S. Energy Information Administration data showed on Wednesday.

    - No gasoil deals, one jet fuel trade
    - Sinopec Shanghai Petrochemical,, a refining subsidiary of Asia's top
refiner Sinopec, plans to raise daily crude oil throughput by 7.8% in the second
half of 2020.
    - Oil prices held steady on Thursday as a massive hurricane in the Gulf of Mexico raced
towards the heart of the U.S. oil industry, which has forced oil rigs and refineries to shut
down production.
 CASH ($/T)            ASIA CLOSE       Change   % Change   Prev Close  RIC
 Spot Gas Oil 0.5%               47.64    -0.43      -0.89       48.07  GO-SIN
 GO 0.5 Diff                     -2.29    -0.01       0.44       -2.28  GO-SIN-DIF
 Spot Gas Oil 0.25%              47.92    -0.38      -0.79       48.30  GO25-SIN
 GO 0.25 Diff                    -2.01     0.04      -1.95       -2.05  GO25-SIN-DIF
 Spot Gas Oil 0.05%              47.97    -0.41      -0.85       48.38  GO005-SIN
 GO 0.05 Diff                    -1.96     0.01      -0.51       -1.97  GO005-SIN-DIF
 Spot Gas Oil 0.001%             49.58    -0.47      -0.94       50.05  GO10-SIN
 GO 0.001 Diff                   -0.35    -0.05      16.67       -0.30  GO10-SIN-DIF
 Spot Jet/Kero                   43.05    -0.96      -2.18       44.01  JET-SIN
 Jet/Kero Diff                   -0.84    -0.34      68.00       -0.50  JET-SIN-DIF
 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 Kirsten Donovan)