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Asia Distillates-Gasoil cash differentials climb to over 9-month high

    SINGAPORE, May 17 (Reuters) - Asia's cash differentials for 10 ppm gasoil rose on Monday to
their highest level in more than nine months, buoyed by firmer buying interests for physical
cargoes.
    Cash differentials for gasoil with 10 ppm sulphur content GO10-SIN-DIF, which flipped into
a positive territory last week, rose to a premium of 22 cents per barrel to Singapore quotes.
They were at a 10-cent premium on Friday.
    Refining margins, also known as cracks, for 10 ppm gasoil rose 52 cents to
$8.54 per barrel over Dubai crude during Asian trading hours, a level not seen since April last
year.
    The cracks, however, are expected to come under pressure due to increased supplies from
India and South Korea in the near term, trade sources said.
    China said on Friday it will levy a consumption tax on imports of several fuel blending
components, including light cycle oil (LCO), mixed aromatics and diluted bitumen, effective from
June 12.
    The move would mainly affect the high-sulphur gasoil markets as Korean refiners now will
likely produce less LCO and more gasoil, a Singapore-based trader said.
    The front-month time spread for 10 ppm gasoil widened its backwardation to
trade at 10 cents per barrel on Monday.
    
    CHINA APRIL CRUDE THROUGHPUT CLIMBS
    - China's crude oil throughput rose 7.5% in April from the same month a year ago, but
remained off the peak seen in the last quarter of 2020 as several state-run oil refineries
carried out maintenance amid thin margins and high fuel products stocks.
    - The country processed 57.9 million tonnes of crude oil in April, data from the National
Bureau of Statistics (NBS) showed on Monday, equivalent to 14.09 million barrels per day (bpd).
For the first four months of 2021, throughput was 232.1 million tonnes, or 14.12 million bpd, up
14% from a year earlier.
    
    SINGAPORE CASH DEALS
    - Six gasoil deals, no jet fuel trades
    
    OTHER NEWS
    - Oil prices were little changed on Monday, trading in a tight range as European economic
reopenings offset gloom from surging COVID-19 cases in Asia, fresh restrictions and
underwhelming Chinese manufacturing data.
    - Australia has agreed to pay its last two oil refineries up to A$2.3 billion ($1.8 billion)
through 2030 to keep the struggling plants open and protect the country's fuel security.

    
    ASSESSMENTS
 MID-DISTILLATES                                                                       
 CASH ($/T)            ASIA CLOSE       Change   % Change   Prev Close  RIC
 Spot Gas Oil 0.5%               72.78     2.09       2.96       70.69  GO-SIN
 GO 0.5 Diff                     -1.94     0.02      -1.02       -1.96  GO-SIN-DIF
 Spot Gas Oil 0.25%              72.93     2.09       2.95       70.84  GO25-SIN
 GO 0.25 Diff                    -1.79     0.02      -1.10       -1.81  GO25-SIN-DIF
 Spot Gas Oil 0.05%               73.1      2.1       2.96          71  GO005-SIN
 GO 0.05 Diff                    -1.62     0.03      -1.82       -1.65  GO005-SIN-DIF
 Spot Gas Oil 0.001%             74.94     2.19       3.01       72.75  GO10-SIN
 GO 0.001 Diff                    0.22     0.12     120.00         0.1  GO10-SIN-DIF
 Spot Jet/Kero                   72.49     1.75       2.47       70.74  JET-SIN
 Jet/Kero Diff                    0.04    -0.01     -20.00        0.05  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 Uttaresh.V)
  
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