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Asia Distillates-Gasoil cash discounts widen on muted demand

    SINGAPORE, April 29 (Reuters) - Asia's cash discounts for 10 ppm gasoil widened on Thursday,
hurt by muted buying interest for physical cargoes and expectations for ample supplies in coming
months.
    Reimposed restrictions to contain the new waves of COVID-19 infections in several markets, 
including major consumer India, are expected to weigh on demand recovery, traders and analysts
said.  
    Cash differentials for gasoil with 10 ppm sulphur content GO10-SIN-DIF were at a discount
of 22 cents a barrel to Singapore quotes on Thursday, compared with a 20-cent discount a day
earlier.
    Refining margins for 10 ppm gasoil were up 5 cents at $6.88 per barrel over
Dubai crude during Asian trading hours on Thursday.
    
    CHINA'S FUEL CLAMPDOWN CURBS ITS LCO IMPORTS
    - China's imports of light cycle oil (LCO) are set to fall in coming months as authorities
crack down on its illicit trading and sales in South China, dealing a blow to the $10 billion
market and to refiners in top supplier South Korea.
    - China's imports of the cheaper but more pollutive diesel blending fuel nearly doubled to
record levels in 2020, but a clampdown in top oil consuming Guangdong province has curbed
demand.
    - The amount of South Korean LCO, a refinery by-product, to be loaded for shipment to China
in May is down 60% from March while spot premiums have halved, industry sources said.
    
    INVENTORIES
    - Singapore's middle distillate inventories fell 4% to a more than one-year low of 12.95
million barrels in the week to April 28, 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 12.9% lower than a year earlier.
    - U.S. distillate stockpiles fell by 3.3 million barrels in the week to April 23, versus
expectations for a 648,000-barrel drop, the Energy Information Administration said on Wednesday.

    
    SINGAPORE CASH DEALS
    - No gasoil deals, no jet fuel trades
    
    OTHER NEWS
    - Indonesia will stop both liquefied petroleum gas (LPG) and fuel imports by 2030 and plans
big changes to its energy infrastructure to meet that target, a top energy official said on
Thursday.
    - Europe's major energy companies profited from a rise in oil prices to report big increases
in first-quarter earnings on Thursday, putting the worst of the pandemic era slump in fuel
demand behind them.
    
    ASSESSMENTS
 MID-DISTILLATES                                                                           
 CASH ($/T)              ASIA CLOSE       Change   % Change   Prev Close   RIC
 Spot Gas Oil 0.5%                 69.86     1.32       1.93        68.54  GO-SIN
 GO 0.5 Diff                       -1.95     -0.1       5.41        -1.85  GO-SIN-DIF
 Spot Gas Oil 0.25%                70.01     1.31       1.91         68.7  GO25-SIN
 GO 0.25 Diff                       -1.8    -0.11       6.51        -1.69  GO25-SIN-DIF
 Spot Gas Oil 0.05%                70.21     1.34       1.95        68.87  GO005-SIN
 GO 0.05 Diff                       -1.6    -0.08       5.26        -1.52  GO005-SIN-DIF
 Spot Gas Oil 0.001%               71.59     1.39       1.98         70.2  GO10-SIN
 GO 0.001 Diff                     -0.22    -0.02      10.00         -0.2  GO10-SIN-DIF
 Spot Jet/Kero                     70.49     1.69       2.46         68.8  JET-SIN
 Jet/Kero Diff                     -0.18     0.01      -5.26        -0.19  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 Shailesh Kuber)
  
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