Asia Distillates-Gasoil refining margins hit 4-week high

    SINGAPORE, Nov 9 (Reuters) - Asian refining margins for 10 ppm gasoil rose to their
strongest level in four weeks on Monday, but traders were worried the regional market would
likely remain awash with supplies for the remainder of the year.
    Refining profit margins, also known as cracks, for 10 ppm gasoil climbed to
$4.24 a barrel over Dubai crude during Asian trade, a level not seen since Oct. 12. This
compares with Friday's $4.06 per barrel.
    Refiners in China and India are ramping up output to meet improving domestic demand, but a
persistent rise in COVID-19 cases in some markets would hurt any substantial demand recovery in
the short term, market watchers said.
    With Chinese refiners expected to increase gasoil exports in coming weeks as they try to
exhaust their export quotas for the year, traders said the barrels would likely remain trapped
within the region as the East-West arbitrage window remains shut. 
    China's gasoil exports are expected to be around 1.5 million to 2 million tonnes per month
in November and December, Refinitiv oil research assessments showed.
    Cash differentials for gasoil with 10 ppm sulphur content GO10-SIN-DIF were at a discount
of 34 cents a barrel to Singapore quotes on Monday, compared with 35 cents per barrel on Friday.
    - China's crude oil imports slipped 12.2% in October from the prior month as refiners hit
the brakes after months of a buying frenzy that had raised crude inventory to a near-full level,
and as independent refineries run out of import quotas.
    - China, the world's No.1 crude oil importer, bought 42.56 million tonnes of the resource
last month, data from the General Administration of Customs showed on Saturday. That is equal to
10 million barrels per day (bpd).
    - No jet fuel trade, one gasoil deal
 CASH ($/T)              ASIA CLOSE       Change   % Change   Prev Close   RIC
 Spot Gas Oil 0.5%                 42.97     0.17       0.40        42.80  GO-SIN
 GO 0.5 Diff                       -1.23     0.10      -7.52        -1.33  GO-SIN-DIF
 Spot Gas Oil 0.25%                43.35     0.22       0.51        43.13  GO25-SIN
 GO 0.25 Diff                      -0.85     0.15     -15.00        -1.00  GO25-SIN-DIF
 Spot Gas Oil 0.05%                43.54     0.17       0.39        43.37  GO005-SIN
 GO 0.05 Diff                      -0.66     0.10     -13.16        -0.76  GO005-SIN-DIF
 Spot Gas Oil 0.001%               43.86     0.08       0.18        43.78  GO10-SIN
 GO 0.001 Diff                     -0.34     0.01      -2.86        -0.35  GO10-SIN-DIF
 Spot Jet/Kero                     42.70     0.14       0.33        42.56  JET-SIN
 Jet/Kero Diff                     -0.05     0.17     -77.27        -0.22  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 Amy Caren Daniel)