SINGAPORE, Sept 1 (Reuters) - Asia's cash differentials for 10 ppm gasoil dropped on Tuesday, slumping to their weakest level in more than three months, hurt by persistent weakness in buying interest for physical cargoes in a market grappling with abundant supplies. Cash differential for 10 ppm gasoilwere at a discount of 50 cents a barrel to Singapore quotes, the widest since May 28. They were at a discount of 48 cents per barrel a day earlier. Lack of arbitrage opportunities and weaker domestic demand in key markets due to coronavirus-led lockdown measures are the primary factors weighing down the regional gasoil market, trade sources said. Refining profit margins or cracks for 10 ppm gasoil were at $4.31 a barrel over Dubai crude during Asian trading hours, compared with $4.08 per barrel on Monday. Cracks for the benchmark gasoil grade in Singapore, which have shed 23.7% over the last two weeks, are currently more than 70% lower than the historical average for this time of the year, Refinitiv Eikon data showed. The September/October time spread for 10 ppm gasoil traded at a discount of 54 cents a barrel on Tuesday. S.KOREA IMPORTS OIL FROM CHINA STORAGE - South Korean refiners have bought nearly 2 million barrels of Omani crude from Chinese storage tanks in the past two months, seldom seen trades created by low prices and high inventories, according to trade sources and shipping data on Refinitiv Eikon. - The cargoes were among the first to be lifted from bonded storage tanks operated by Shanghai's International Energy Exchange (INE) for delivery to South Korea, the sources said. SINGAPORE CASH DEALS - No gasoil deals, no jet fuel trades OTHER NEWS - Oil prices gained on Tuesday, reversing overnight losses, as investors moved into risk assets and stayed away from the safe-haven U.S. dollar which hit multi-year lows. - Qantas Airways Ltd said on Tuesday it had issued A$500 million ($369.90 million) of unsecured bonds with a coupon of 5.25% to help strengthen liquidity and replace maturing debt as it deals with a plunge in demand due to the coronavirus pandemic. ASSESSMENTS MID-DISTILLATES CASH ($/T) ASIA CLOSE Change % Change Prev Close RIC Spot Gas Oil 0.5% 46.89 -0.87 -1.82 47.76 GO 0.5 Diff -2.32 -0.02 0.87 -2.30 Spot Gas Oil 0.25% 47.09 -0.87 -1.81 47.96 GO 0.25 Diff -2.12 -0.02 0.95 -2.10 Spot Gas Oil 0.05% 47.29 -0.87 -1.81 48.16 GO 0.05 Diff -1.92 -0.02 1.05 -1.90 Spot Gas Oil 0.001% 48.71 -0.87 -1.75 49.58 GO 0.001 Diff -0.50 -0.02 4.17 -0.48 Spot Jet/Kero 42.05 -0.95 -2.21 43.00 Jet/Kero Diff -1.20 -0.03 2.56 -1.17 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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