Asia Distillates-Gasoil cracks drop as market grapples with supplies

    SINGAPORE, Sept 16 (Reuters) - Asian refining margins for 10 ppm gasoil dropped to their
weakest in a week on Wednesday as crude prices firmed, while cash discounts for the industrial
fuel lingered near multi-week lows due to sluggish demand and abundant supplies.
    Refining margins or cracks for 10 ppm gasoil eased to $3.16 a barrel over
Dubai crude during Asian trading hours, down from $3.83 per barrel on Tuesday.
    Cash discounts for 10 ppm gasoil GO10-SIN-DIF were at 65 cents a barrel to Singapore
quotes, compared with a discount of 61 cents per barrel a day earlier. The gasoil spot
differentials hit a more than three-month low of minus 70 cents last week.
    - Middle-distillate inventories in the Fujairah Oil Industry Zone dipped 0.3% to 3.8 million
barrels in the week ended Sept. 14, data via S&P Global Platts showed.
    - The weekly stocks in Fujairah have averaged 3.9 million barrels so far in 2020, compared
with a weekly average of 2.4 million barrels in 2019, Reuters calculations showed.
    - Meanwhile, U.S. distillate fuel inventories fell by 1.1 million barrels, compared with
expectations for a build of 600,000 barrels, data from industry group the American Petroleum
Institute (API) showed on Tuesday.
    - India's Mangalore Refinery and Petrochemicals Ltd (MRPL) has offered 65,000 tonnes of
10ppm gasoil for Oct. 14-16 loading from the port of New Mangalore. The tender closes on Sept.
22 and has a same-day validity.
    - No gasoil deals, no jet fuel trades

    - A Singapore oil trader has won favourable decisions from the Paris-based International
Chamber of Commerce (ICC) against two banks in trade-finance disputes related to troubled Hin
Leong Trading, documents reviewed by Reuters showed.
    - Winson Oil Trading Pte Ltd believes the non-binding decisions will strengthen its claims
in court against Standard Chartered Bank (Singapore) and Oversea-Chinese Banking Corp
(OCBC), sources familiar with the matter said.
    - Oil rose for a second day on Wednesday, gaining more than 2%, as a hurricane closed U.S.
offshore production and an industry report showed U.S. crude inventories unexpectedly decreased.

 CASH ($/T)           ASIA CLOSE       Change   % Change   Prev Close  RIC
 Spot Gas Oil 0.5%              42.38     1.36       3.32       41.02  GO-SIN
 GO 0.5 Diff                    -2.06    -0.01       0.49       -2.05  GO-SIN-DIF
 Spot Gas Oil 0.25%             42.62     1.36       3.30       41.26  GO25-SIN
 GO 0.25 Diff                   -1.82    -0.01       0.55       -1.81  GO25-SIN-DIF
 Spot Gas Oil 0.05%             43.02     1.36       3.26       41.66  GO005-SIN
 GO 0.05 Diff                   -1.42    -0.01       0.71       -1.41  GO005-SIN-DIF
 Spot Gas Oil 0.001%            43.78     1.32       3.11       42.46  GO10-SIN
 GO 0.001 Diff                  -0.65    -0.04       6.56       -0.61  GO10-SIN-DIF
 Spot Jet/Kero                  38.70     1.71       4.62       36.99  JET-SIN
 Jet/Kero Diff                  -1.21     0.01      -0.82       -1.22  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 Rashmi Aich)