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 gasoilwidened 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 0.5 Diff -2.26 0.02 -0.88 -2.28 Spot Gas Oil 0.25% 42.25 -0.83 -1.93 43.08 GO 0.25 Diff -2.02 0.02 -0.98 -2.04 Spot Gas Oil 0.05% 42.53 -0.83 -1.91 43.36 GO 0.05 Diff -1.75 0.02 -1.13 -1.77 Spot Gas Oil 0.001% 43.61 -0.88 -1.98 44.49 GO 0.001 Diff -0.67 -0.03 4.69 -0.64 Spot Jet/Kero 37.75 -1.08 -2.78 38.83 Jet/Kero Diff -1.10 0.00 0.00 -1.10 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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