SINGAPORE, Jan 7 (Reuters) - Asian refining margins for 10 ppm gasoil slid to their weakest in more than six weeks on Thursday as traders worried about a hit to demand recovery due to renewed lockdowns in several markets. Refining margins, or cracks, for 10 ppm gasoil plunged to $4.74 a barrel over Dubai crude during Asian trading hours, a level not seen since Nov. 23 and down from $5.19 per barrel a day earlier. Cracks for the benchmark gasoil grade have fallen 22% so far this week. The gasoil market is coming under renewed pressure as some refineries are ready to increase run rates, even while demand growth is not materlialising and lockdowns are being introduced again, a middle distillates trader said. Cash differentials for gasoil with 10 ppm sulphur contentwere at a discount of 38 cents a barrel to Singapore quotes, the widest discounts since Nov. 10. They were at a discount of 35 cents per barrel on Wednesday. The prompt-month time spread for 10 ppm gasoil in Singapore, which has stayed in a contango for the last two weeks, traded at a discount of 16 cents per barrel on Thursday, Refinitiv Eikon data showed. INVENTORIES - Singapore's middle distillate inventories dropped 4.5% to a more than four-month low of 14.5 million barrels in the week to Jan. 6, according to Enterprise Singapore data. - Weekly Singapore middle distillate inventories averaged about 13.9 million barrels in 2020, Reuters calculations showed. This week's stocks were 50.5% higher than a year ago. - U.S. distillate stockpiles rose by 6.4 million barrels in the week to Jan. 1, versus expectations for a 2.3 million-barrel rise, the U.S. Energy Information Administration data showed on Wednesday. SINGAPORE CASH DEALS - Two gasoil deals, no jet fuel trades OTHER NEWS - Oil prices hit their highest since late February on Thursday after a fall in U.S. stockpiles added further support following the unilateral decision by Saudi Arabia to cut output. ASSESSMENTS MID-DISTILLATES CASH ($/T) ASIA CLOSE Change % Change Prev Close RIC Spot Gas Oil 0.5% 57.12 0.45 0.79 56.67 GO 0.5 Diff -1.57 0.02 -1.26 -1.59 Spot Gas Oil 0.25% 57.22 0.45 0.79 56.77 GO 0.25 Diff -1.47 0.02 -1.34 -1.49 Spot Gas Oil 0.05% 57.32 0.45 0.79 56.87 GO 0.05 Diff -1.37 0.02 -1.44 -1.39 Spot Gas Oil 0.001% 58.31 0.4 0.69 57.91 GO 0.001 Diff -0.38 -0.03 8.57 -0.35 Spot Jet/Kero 56.87 0.41 0.73 56.46 Jet/Kero Diff -0.16 -0.03 23.08 -0.13 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 Kirsten Donovan)
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