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Asia Distillates-Gasoil cracks at over 5-week high on tight supply hopes

    SINGAPORE, April 12 (Reuters) - Asian refining margins for 10 ppm gasoil edged higher on
Monday, climbing to their highest in more than a month, riding on expectations for tighter
supplies in April due to spring maintenance at regional refineries.
    Refining margins, also known as cracks, for 10 ppm gasoil rose to $6.92 per
barrel over Dubai crude during Asian trading hours, the highest since March 4. The cracks have
gained 45% so far this month, and were at $6.46 a barrel on Friday.
    Scheduled turnarounds at some refineries in China, Japan and South Korea, alongside
unplanned fire-related shutdowns at Eneos Corp's Wakayama refinery in Japan and Pertamina's
Balongan refinery in Indonesia late last month, would likely keep the gasoil market tight in the
near term, trade sources said.
    But lack of arbitrage opportunities to the West amid lacklustre demand in Europe continues
to weigh on the gasoil cracks, market watchers said, although some traders and refiners have
been chartering new-build very large crude carriers (VLCCs) to take gasoil barrels to the West
on their maiden voyages.
    A VLCC, Dickens, has loaded 65,000 tonnes of gasoil from Yeosu, South Korea and was anchored
near Singapore, where it is expected to load more cargo, according to ship-tracking data from
Kpler, and Refinitiv Oil Research.
    The prompt-month time spread for 10 ppm gasoil in Singapore widened its
contango structure on Monday to trade at minus 19 cents per barrel.
    
    INDIA'S DIESEL DEMAND RISES IN MARCH
    - India's fuel consumption rose in March, for the first time in three months, to its highest
since December 2019, as economic activity gradually picked up after a coronavirus-induced
slowdown.
    - Diesel consumption gained 10% in March from February to 7.22 million tonnes, and also rose
27.6% year-on-year.
    
    TENDERS
    - Taiwan's Formosa Petrochemical Corp is looking to sell 750,000 barrels of 10 ppm gasoil
for May 19-23 loading from Mailiao. The tender closes on April 13 and has a same-day validity.
    - Taiwan's CPC Corp has also offered 300,000 barrels of 10 ppm gasoil for May loading, a
broker source said.

    SINGAPORE CASH DEALS
    - No gasoil deals, no jet fuel trades
        
    OTHER NEWS
    - Oil prices edged higher in rangebound trade on Monday on optimism about a rebound in the
U.S. economy as vaccinations accelerate, but rising COVID-19 cases in other parts of the world
kept a lid on prices.
    
    ASSESSMENTS
 MID-DISTILLATES                                                                        
 CASH ($/T)             ASIA CLOSE       Change   % Change   Prev Close  RIC
 Spot Gas Oil 0.5%                65.65      0.6       0.92       65.05  GO-SIN
 GO 0.5 Diff                      -1.64    -0.04       2.50        -1.6  GO-SIN-DIF
 Spot Gas Oil 0.25%               65.82      0.6       0.92       65.22  GO25-SIN
 GO 0.25 Diff                     -1.47    -0.04       2.80       -1.43  GO25-SIN-DIF
 Spot Gas Oil 0.05%               66.07      0.6       0.92       65.47  GO005-SIN
 GO 0.05 Diff                     -1.22    -0.04       3.39       -1.18  GO005-SIN-DIF
 Spot Gas Oil 0.001%              67.23     0.59       0.89       66.64  GO10-SIN
 GO 0.001 Diff                    -0.06    -0.05     500.00       -0.01  GO10-SIN-DIF
 Spot Jet/Kero                    64.46     0.87       1.37       63.59  JET-SIN
 Jet/Kero Diff                    -0.59     0.01      -1.67        -0.6  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 Vinay Dwivedi)
  
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