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Oil report

Asia Distillates-Gasoil buyers get biggest cash discounts in 15 weeks

    SINGAPORE, Sept 8 (Reuters) - Asia's cash differentials for 10 ppm gasoil dropped on
Tuesday, slumping to their lowest level in 3-1/2 months, weighed down by muted demand in a
market awash with supplies.
    The gasoil market has remained under pressure as extended coronavirus-led lockdowns in
several key markets continue to affect industrial demand, while monsoon floods in many parts of
the region have dented consumption of the fuel in transportation and agricultural sectors.
    Cash discounts for 10 ppm gasoil GO10-SIN-DIF widened by 3 cents to 67 cents a barrel to
Singapore quotes on Tuesday, a level not seen since May 26.
    The gasoil spot differentials, which have remained in a negative territory over the last
month, have more than doubled their discounts in the last two weeks.
    Refining margins or cracks for 10 ppm gasoil eased to $3.62 a barrel over
Dubai crude during Asian trading hours on Tuesday, compared with $3.76 per barrel on Monday.
    Meanwhile, jet fuel cracks were at a discount of $1.62 a barrel to Dubai crude
on Tuesday, compared with minus $1.25 per barrel a day earlier.
    
    SALES BONUS ON DIESEL IN VIETNAM
    - Vietnam oil importers are offering domestic retailers a commission on diesel sales, in an
unusual tactic to clear high inventories built up as the coronavirus crisis has slashed demand,
two sources familiar with the matter told Reuters.
    - The move underscores difficulties they face in moving the industrial fuel in emerging
economies such as Vietnam which has posted the lowest second-quarter economic growth in decades.
    
    TENDERS
    - Sri Lanka's Ceylon Petroleum Corp (Ceypetco) is seeking a cargo of 280,000 barrels of
500ppm gasoil for discharge at Dolphin Tanker Berth and SPM Muthurajawela, Colombo over Oct.
12-13 on a DAP basis.
    - The tender closes on Sept. 15 and will remain valid for three days.
    
    SINGAPORE CASH DEALS
    - One gasoil deal, no jet fuel trades
    
    OTHER NEWS
    - Oil fell below $42 a barrel on Tuesday, its 5th session of decline, pressured by concerns
that a recovery in demand could weaken as coronavirus infections flare up around the world.

    
    ASSESSMENTS
 MID-DISTILLATES                                                                       
 CASH ($/T)            ASIA CLOSE       Change   % Change   Prev Close  RIC
 Spot Gas Oil 0.5%               42.01    -0.84      -1.96       42.85  GO-SIN
 GO 0.5 Diff                     -2.26     0.02      -0.88       -2.28  GO-SIN-DIF
 Spot Gas Oil 0.25%              42.25    -0.83      -1.93       43.08  GO25-SIN
 GO 0.25 Diff                    -2.02     0.02      -0.98       -2.04  GO25-SIN-DIF
 Spot Gas Oil 0.05%              42.53    -0.83      -1.91       43.36  GO005-SIN
 GO 0.05 Diff                    -1.75     0.02      -1.13       -1.77  GO005-SIN-DIF
 Spot Gas Oil 0.001%             43.61    -0.88      -1.98       44.49  GO10-SIN
 GO 0.001 Diff                   -0.67    -0.03       4.69       -0.64  GO10-SIN-DIF
 Spot Jet/Kero                   37.75    -1.08      -2.78       38.83  JET-SIN
 Jet/Kero Diff                   -1.10     0.00       0.00       -1.10  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 Sherry Jacob-Phillips)
  
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