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Asia Distillates-Gasoil cash differentials drop to over 5-month low

    SINGAPORE, April 22 (Reuters) - Asia's cash differentials for 10 ppm gasoil dropped for the
ninth consecutive session on Thursday, plunging to their weakest level in more than five months
amid sluggish demand, while Singapore middle distillate inventories rose to a four-week high.
    Cash differentials for gasoil with 10 ppm sulphur content GO10-SIN-DIF were at a discount
of 44 cents a barrel to Singapore quotes, the widest since Nov. 2.
    Refineries ramped up run rates at a pace faster than demand could recover, and now with a
sharp resurgence in COVID-19 infections in major markets including India and Japan, the outlook
for gasoil has turned further bearish, market watchers said.
    The ongoing spring turnarounds at some regional refineries would help tighten supplies to an
extent, but demand loss from reimposed lockdowns in several places would weigh on the market,
according to trade sources. 
    Refining profit margins for 10 ppm gasoil rose 38 cents to $6.80 per barrel
over Dubai crude during Asian trading hours on Thursday, as feedstock crude oil prices extended
their losses into a third session.
    
    INVENTORIES
    - Singapore's middle distillate inventories rose 0.4% to 13.5 million barrels in the week to
April 21, according to Enterprise Singapore data.
    - Weekly Singapore middle distillate inventories have averaged 14.2 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 6.6% lower than a year earlier.
    - U.S. distillate stockpiles fell by 1.1 million barrels in the week to April 16, versus
expectations for a 956,000-barrel drop, the Energy Information Administration said on Wednesday.

    
    AIRLINES CUT GLOBAL TRAFFIC FORECAST 
    - Air traffic will recover more slowly than previously expected from the COVID-19 pandemic,
as vaccination delays and government "risk aversion" slow market opening, global airlines body
IATA said on Wednesday.
    - Global traffic this year will amount to 43% of pre-crisis levels based on passenger
numbers and distance flown, the International Air Transport Association said, below the 51% it
had forecast late last year.
    
    SINGAPORE CASH DEALS
    - No gasoil deals, no jet fuel trades
    
    OTHER NEWS
    - Singapore residual fuel oil inventories rose to their highest in nearly five months in the
week ended April 21, as elevated net import volumes pushed stock 4% higher on-week while
notching the fourth straight weekly gain, official data showed on Thursday. 
    
    ASSESSMENTS
 MID-DISTILLATES                                                                          
 CASH ($/T)             ASIA CLOSE       Change   % Change   Prev Close   RIC
 Spot Gas Oil 0.5%                66.79    -0.98      -1.45        67.77  GO-SIN
 GO 0.5 Diff                       -1.9    -0.01       0.53        -1.89  GO-SIN-DIF
 Spot Gas Oil 0.25%               66.95    -0.98      -1.44        67.93  GO25-SIN
 GO 0.25 Diff                     -1.74    -0.01       0.58        -1.73  GO25-SIN-DIF
 Spot Gas Oil 0.05%                67.2    -0.98      -1.44        68.18  GO005-SIN
 GO 0.05 Diff                     -1.49    -0.01       0.68        -1.48  GO005-SIN-DIF
 Spot Gas Oil 0.001%              68.26    -0.98      -1.42        69.24  GO10-SIN
 GO 0.001 Diff                    -0.44    -0.01       2.33        -0.43  GO10-SIN-DIF
 Spot Jet/Kero                    67.04    -0.78      -1.15        67.82  JET-SIN
 Jet/Kero Diff                    -0.09     0.02     -18.18        -0.11  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 Shinjini Ganguli)
  
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