SINGAPORE, Sept 18 (Reuters) - Asian refining margins for 10 ppm gasoil posted a weekly decline on Friday, weighed down by plentiful regional supplies amid persistent demand weakness and lack of arbitrage opportunities. Refining margins or cracks for 10 ppm gasoil were at $2.94 a barrel over Dubai crude during Asian trading hours, compared with a more than four-month low of $2.47 per barrel on Thursday. Cracks for the benchmark gasoil grade have dropped 20.8% this week. Weaker domestic demand on the back of surging COVID-19 cases in India is resulting in steady exports from the country, trade sources said. Gasoil exports from India this month are expected to close around last month's 2.44 million tonnes, Refinitiv oil research assessments showed. Meanwhile, China is expected to ramp up gasoil export volumes in coming months as refiners try to exhaust their export quotas for the year, traders said. The exchange of futures for swaps (EFS), which determines the gasoil price spread between Singapore and Northwest Europe, traded around minus 21 cents per tonne on Friday, typically making it unworkable for arbitrage shipments, according to traders. Cash discounts for 10 ppm gasoilwere at 70 cents a barrel to Singapore quotes, compared with a discount of 68 cents per barrel a day earlier. ARA STOCKS - Jet fuel stocks held independently in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub dropped 4.2% to 954,000 tonnes in the week ended Sept. 17, data from Dutch consultancy Insights Global showed. - The data showed ARA gasoil inventories rose 1.6% to 2.9 million tonnes. - Compared with a year earlier, ARA gasoil inventories were up 7.4%, while jet fuel stocks were 42.2% higher. SINGAPORE CASH DEALS - No gasoil deals, no jet fuel trades OTHER NEWS - China's imports of fuel blending components are set to slow over the rest of 2020 having more than doubled in the first seven months as rising fuel stockpiles snuff out importer profits, industry sources said. - Oil prices ticked up on Friday on track for a weekly gain of about 9%, after Saudi Arabia pressed allies to stick to production quotas and banks including Goldman Sachs predicted a supply deficit. ASSESSMENTS MID-DISTILLATES CASH ($/T) ASIA CLOSE Change % Change Prev Close RIC Spot Gas Oil 0.5% 44.01 1.80 4.26 42.21 GO 0.5 Diff -2.05 0.00 0.00 -2.05 Spot Gas Oil 0.25% 44.26 1.81 4.26 42.45 GO 0.25 Diff -1.80 0.01 -0.55 -1.81 Spot Gas Oil 0.05% 44.68 1.83 4.27 42.85 GO 0.05 Diff -1.37 0.04 -2.84 -1.41 Spot Gas Oil 0.001% 45.36 1.78 4.08 43.58 GO 0.001 Diff -0.70 -0.02 2.94 -0.68 Spot Jet/Kero 41.26 1.80 4.56 39.46 Jet/Kero Diff -1.20 -0.01 0.84 -1.19 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 Amy Caren Daniel)
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