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Asia Distillates-Gasoil cash discounts widen, cracks drop

    SINGAPORE, April 15 (Reuters) - Asia's cash differentials for 10 ppm gasoil weakened for a
fourth consecutive session on Thursday to their biggest discounts in more than a week, while
middle distillate inventories in Singapore climbed to a three-week high.
    Cash discounts for gasoil with 10 ppm sulphur content GO10-SIN-DIF widened to 18 cents a
barrel to Singapore quotes, from a discount of 15 cents per barrel a day earlier.
    The prompt-month time spread for the benchmark gasoil grade in Singapore,
which has stayed in a contango since early March, traded at minus 14 cents per barrel on
Thursday, Refinitiv Eikon data showed.
    The ongoing spring turnarounds at some regional refineries are expected to keep supplies
limited in the near-term, but traders and market watchers said surging COVID-19 cases prompting
lockdowns in several markets, including India, would hurt Asian demand recovery.
    India reported a record 200,000 new COVID-19 cases on Thursday and the financial hub of
Mumbai entered a lockdown, while Cambodia brought in a lockdown in Phnom Penh and a satellite
district of the capital to contain a spike in coronavirus cases.
    Refining profit margins, or cracks, for 10 ppm gasoil dropped 22 cents to
$6.58 per barrel over Dubai crude during Asian trading hours. The cracks are currently down
about 10% compared with their levels in mid-February.
    
    INVENTORIES
    - Singapore's middle distillate inventories climbed 3.7% to 13.4 million barrels in the week
to April 14, according to Enterprise Singapore data.
    - Weekly Singapore middle distillate inventories have averaged 14.3 million barrels so far
this year, compared with an average of 13.9 million barrels in 2020, Reuters calculations
showed. This week's stocks were 10.1% lower than a year earlier.
    - U.S. distillate stockpiles fell by 2.1 million barrels in the week to April 9, versus
forecasts for a 971,000-barrel rise, the Energy Information Administration said on Wednesday.

    
    TENDERS
    - Pakistan State Oil was looking for three cargoes of 55,000 tonnes each for delivery over
April-May, a broker source said.
    
    SINGAPORE CASH DEALS
    - One gasoil deal, no jet fuel trades
        
    OTHER NEWS
    - Oil prices eased on Thursday but remained close to a one-month high driven by more
positive demand forecasts from the International Energy Agency and OPEC as major economies
recover from the pandemic.
    
    ASSESSMENTS
 MID-DISTILLATES                                                                       
 CASH ($/T)            ASIA CLOSE       Change   % Change   Prev Close  RIC
 Spot Gas Oil 0.5%               68.62     1.63       2.43       66.99  GO-SIN
 GO 0.5 Diff                     -1.61     0.01      -0.62       -1.62  GO-SIN-DIF
 Spot Gas Oil 0.25%              68.79     1.63       2.43       67.16  GO25-SIN
 GO 0.25 Diff                    -1.44     0.01      -0.69       -1.45  GO25-SIN-DIF
 Spot Gas Oil 0.05%              69.04     1.63       2.42       67.41  GO005-SIN
 GO 0.05 Diff                    -1.19     0.01      -0.83        -1.2  GO005-SIN-DIF
 Spot Gas Oil 0.001%             70.05     1.58       2.31       68.47  GO10-SIN
 GO 0.001 Diff                   -0.18    -0.03      20.00       -0.15  GO10-SIN-DIF
 Spot Jet/Kero                    67.7     1.64       2.48       66.06  JET-SIN
 Jet/Kero Diff                   -0.62        0       0.00       -0.62  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)
  
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