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Oil report

Asia Distillates-Gasoil cash differentials drop for eighth straight week

    SINGAPORE, Sept 11 (Reuters) - Asia's cash discounts for 10 ppm gasoil posted their eighth
consecutive weekly decline on Friday, weighed down by concerns that near-term supplies would
continue to surpass demand amid extended coronavirus lockdowns in several markets.
    Cash discounts for 10 ppm gasoil GO10-SIN-DIF were at 70 cents a barrel to Singapore
quotes, compared with a discount of 67 cents per barrel on Thursday. The differentials have
dipped 6.1% this week.
    Steady exports from India and China would add to existing supplies, while lack of arbitrage
opportunities is currently keeping the barrels trapped within the region, trade sources said.
    India's diesel consumption dropped by about 12% to 4.85 million tonnes in August as a surge
in coronavirus infections continued to rattle economic activity, and market watchers believe the
country would ramp up its export volumes due to weaker domestic demand.
    "With a resurgence of COVID-19 cases in India, domestic demand is not expected to recover
until the fourth quarter, so exports should remain around current levels," said Kevin Wright,
lead analyst for Asia-Pacific at data intelligence firm Kpler, which tracks oil shipments.
    India's gasoil exports this month are expected to close around the revised August assessment
of 2.44 million tonnes, Refinitiv oil research assessments showed.
    Refining margins or cracks for 10 ppm gasoil were at $3.71 a barrel over Dubai
crude during Asian trade on Friday, compared with $3.67 per barrel a day earlier.
    
    INVENTORIES
    - Jet fuel stocks held independently in the Amsterdam-Rotterdam-Antwerp (ARA) refining and
storage hub STK-JET-ARA rose 3.5% to 996,000 tonnes in the week ended Sept. 10, data from
Dutch consultancy Insights Global showed.
    - The data showed ARA gasoil inventories STK-GO-ARA climbed 15.5% to 2.9 million tonnes.
    - Compared with a year earlier, ARA gasoil inventories were up 2.3%, while jet fuel stocks
were 45% higher. 
    - U.S. distillate stockpiles fell by 1.7 million barrels, versus expectations for a
557,000-barrel drop., U.S. Energy Information Administration data showed on Thursdsay.

    SINGAPORE CASH DEALS
    - No gasoil deals, no jet fuel trades

    OTHER NEWS
    - Oil prices fell for a second day on Friday, as a surprise rise in U.S. stockpiles hit
sentiment already undermined with the coronavirus pandemic continuing to erode demand for fuels.

    
    
    ASSESSMENTS
 MID-DISTILLATES                                                                        
 CASH ($/T)            ASIA CLOSE       Change   % Change   Prev Close  RIC
 Spot Gas Oil 0.5%               40.80    -0.33      -0.80       41.13  GO-SIN
 GO 0.5 Diff                     -2.13     0.10      -4.48       -2.23  GO-SIN-DIF
 Spot Gas Oil 0.25%              41.04    -0.33      -0.80       41.37  GO25-SIN
 GO 0.25 Diff                    -1.89     0.10      -5.03       -1.99  GO25-SIN-DIF
 Spot Gas Oil 0.05%              41.38    -0.30      -0.72       41.68  GO005-SIN
 GO 0.05 Diff                    -1.55     0.13      -7.74       -1.68  GO005-SIN-DIF
 Spot Gas Oil 0.001%             42.23    -0.46      -1.08       42.69  GO10-SIN
 GO 0.001 Diff                   -0.70    -0.03       4.48       -0.67  GO10-SIN-DIF
 Spot Jet/Kero                   36.83     0.05       0.14       36.78  JET-SIN
 Jet/Kero Diff                   -1.22    -0.02       1.67       -1.20  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 Shailesh Kuber)
  
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