Asia Distillates-Gasoil cash differentials rise to strongest in 4-1/2 months

    SINGAPORE, Dec 21 (Reuters) - Asia's cash differentials for 10 ppm gasoil firmed to their
highest level in four-and-a-half months on Monday, while refining margins for the industrial
fuel slipped despite weaker prices of raw material crude.
    Cash discounts for gasoil with 10 ppm sulphur content GO10-SIN-DIF narrowed by a cent to 4
cents a barrel to Singapore quotes, the smallest discount since differentials plunged into a
negative territory on Aug. 11.
    The gasoil market has firmed in recent weeks, thanks to reviving demand from India and
China, but analysts have warned that increased refinery runs and reimposed lockdowns in several
other key markets would pressurise refining margins and prices in the near term.
    Refining margins, also known as cracks, for 10 ppm gasoil were at $6.25 a
barrel over Dubai crude during Asian trading hours, down from a more than four-month high of
$6.54 per barrel on Friday.
    Cracks for the benchmark gasoil grade in Singapore have more than doubled in the last two
months, but they are still currently about 57% lower than their historical average for this time
of the year, Refinitiv Eikon data showed.
    
    FLIGHTS CANCELLED AS SYDNEY BATTLES FRESH OUTBREAK OF VIRUS
    - Dozens of domestic flights due to leave Sydney were cancelled on Monday and authorities
issued more health alerts across the city, as Australia battled to contain a fresh COVID-19
outbreak in its largest city four days before Christmas.
    - Qantas Airways Ltd said several customers had cancelled their bookings between
Sydney and Melbourne - one of the busiest routes in the world before the pandemic - and on a
number of other domestic routes from Monday.
    
    SINGAPORE CASH DEALS
    - One 500 ppm gasoil deal, no jet fuel trades
    
    OTHER NEWS
    - Oil prices tumbled by $2 on Monday, as a fast-spreading new coronavirus strain that has
shut down much of Britain and led to tighter restrictions in Europe sparked worries about a
slower recovery in fuel demand.
    -  Royal Dutch Shell on Monday said it will write down the value of oil and gas
assets by $3.5 billion to $4.5 billion following a string of impairments this year as it adjusts
to a weaker outlook.

    
    ASSESSMENTS
 MID-DISTILLATES                                                                        
 CASH ($/T)             ASIA CLOSE       Change   % Change   Prev Close  RIC
 Spot Gas Oil 0.5%                54.87    -0.98      -1.75       55.85  GO-SIN
 GO 0.5 Diff                      -1.38     0.02      -1.43       -1.40  GO-SIN-DIF
 Spot Gas Oil 0.25%               55.02    -1.08      -1.93       56.10  GO25-SIN
 GO 0.25 Diff                     -1.23    -0.08       6.96       -1.15  GO25-SIN-DIF
 Spot Gas Oil 0.05%               55.10    -1.08      -1.92       56.18  GO005-SIN
 GO 0.05 Diff                     -1.15    -0.08       7.48       -1.07  GO005-SIN-DIF
 Spot Gas Oil 0.001%              56.21    -1.00      -1.75       57.21  GO10-SIN
 GO 0.001 Diff                    -0.04     0.00     -11.11       -0.05  GO10-SIN-DIF
 Spot Jet/Kero                    54.43    -1.47      -2.63       55.90  JET-SIN
 Jet/Kero Diff                    -0.16    -0.01       6.67       -0.15  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)