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 $5.13 a barrel on Wednesday. The regional gasoil market remains under pressure from adequate supplies, while prolonged coronavirus lockdowns in several markets continue to dampen demand, trade sources said. Cash discounts for 10 ppm gasoilwere at 35 cents a barrel to Singapore quotes on Thursday, compared with a discount of 30 cents per barrel a day earlier. Monsoon floods in parts of India, China and South Korea are also hurting domestic demand in those countries and are expected to result in higher exports from these key markets, traders said. Heavy rainfall and floods during the monsoon season typically dent gasoil consumption in the transportation and agricultural sectors. INVENTORIES - Singapore onshore middle distillate stocks climbed 1.2% to 14.4 million barrels in the week ended Aug. 26, Enterprise Singapore data showed. - Weekly Singapore middle distillate inventories have averaged about 13.1 million barrels so far in 2020, Reuters calculations showed. This week's stocks were 27.7% higher year on year. - U.S. distillate stockpiles rose by 1.4 million barrels, versus expectations for a 726,000-barrel drop, U.S. Energy Information Administration data showed on Wednesday. SINGAPORE CASH DEALS - No gasoil deals, one jet fuel trade OTHER NEWS - Sinopec Shanghai Petrochemical,, a refining subsidiary of Asia's top refiner Sinopec, plans to raise daily crude oil throughput by 7.8% in the second half of 2020. - Oil prices held steady on Thursday as a massive hurricane in the Gulf of Mexico raced towards the heart of the U.S. oil industry, which has forced oil rigs and refineries to shut down production. ASSESSMENTS MID-DISTILLATES CASH ($/T) ASIA CLOSE Change % Change Prev Close RIC Spot Gas Oil 0.5% 47.64 -0.43 -0.89 48.07 GO 0.5 Diff -2.29 -0.01 0.44 -2.28 Spot Gas Oil 0.25% 47.92 -0.38 -0.79 48.30 GO 0.25 Diff -2.01 0.04 -1.95 -2.05 Spot Gas Oil 0.05% 47.97 -0.41 -0.85 48.38 GO 0.05 Diff -1.96 0.01 -0.51 -1.97 Spot Gas Oil 0.001% 49.58 -0.47 -0.94 50.05 GO 0.001 Diff -0.35 -0.05 16.67 -0.30 Spot Jet/Kero 43.05 -0.96 -2.18 44.01 Jet/Kero Diff -0.84 -0.34 68.00 -0.50 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)
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