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 gasoilwere 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 $3.67 per barrel a day earlier. INVENTORIES - Jet fuel stocks held independently in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub rose 3.5% to 996,000 tonnes in the week ended Sept. 10, data from Dutch consultancy Insights Global showed. - The data showed ARA gasoil inventories climbed 15.5% to 2.9 million tonnes. - Compared with a year earlier, ARA gasoil inventories were up 2.3%, while jet fuel stocks were 45% higher. - U.S. distillate stockpiles fell by 1.7 million barrels, versus expectations for a 557,000-barrel drop., U.S. Energy Information Administration data showed on Thursdsay. SINGAPORE CASH DEALS - No gasoil deals, no jet fuel trades OTHER NEWS - Oil prices fell for a second day on Friday, as a surprise rise in U.S. stockpiles hit sentiment already undermined with the coronavirus pandemic continuing to erode demand for fuels. ASSESSMENTS MID-DISTILLATES CASH ($/T) ASIA CLOSE Change % Change Prev Close RIC Spot Gas Oil 0.5% 40.80 -0.33 -0.80 41.13 GO 0.5 Diff -2.13 0.10 -4.48 -2.23 Spot Gas Oil 0.25% 41.04 -0.33 -0.80 41.37 GO 0.25 Diff -1.89 0.10 -5.03 -1.99 Spot Gas Oil 0.05% 41.38 -0.30 -0.72 41.68 GO 0.05 Diff -1.55 0.13 -7.74 -1.68 Spot Gas Oil 0.001% 42.23 -0.46 -1.08 42.69 GO 0.001 Diff -0.70 -0.03 4.48 -0.67 Spot Jet/Kero 36.83 0.05 0.14 36.78 Jet/Kero Diff -1.22 -0.02 1.67 -1.20 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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