News: AIY Asia Distillates-Gasoil cracks rise to over 3-month high

SINGAPORE, Nov 30 (Reuters) - Asian refining margins for 10 ppm gasoil on Monday hit their highest level in over three months, while cash differentials for industrial fuel inched up.

Refining profit margins, also known as cracks, for 10 ppm gasoil GO10SGCKMc1 climbed 22 cents to $5.28 a barrel over Dubai crude during Asian trading hours, a level not seen since Aug. 20.

Gasoil cracks have risen about 45% in November, their biggest monthly gain since June, as recent refinery run cuts and a few shipments of gasoil on new-build supertankers have helped drain out some of the excess supplies from the region.

With refiners ramping up output rates in response to increasing domestic demand in markets such as India, and the likelihood of China's gasoil exports remaining elevated in the coming weeks, the regional gasoil market will stay well supplied in the near term, trade sources said.

Meanwhile, the exchange of futures for swaps (EFS), which determines the gasoil price spread between Singapore and Northwest Europe LGOAEFSMc1 , traded at minus $3.57 per tonne on Monday, typically making it unworkable for arbitrage shipments.

Arbitrage is usually profitable when the EFS trades at about minus $15 a tonne or below, though it also depends on other factors such as freight rates, according to traders.

Cash differentials for gasoil with 10 ppm sulphur content GO10-SIN-DIF were at a discount of 14 cents a barrel to Singapore quotes on Monday, compared with a 15-cent discount on Friday.

SINGAPORE CASH DEALS - No gasoil deals, no jet fuel trades

OTHER NEWS - The Trump administration is poised to add China's top chipmaker SMIC 0981.HK and national offshore oil and gas producer CNOOC to a blacklist of alleged Chinese military companies, according to a document and sources, curbing their access to U.S. investors and escalating tensions with Beijing weeks before President-elect Joe Biden takes office.

ASSESSMENTS MID-DISTILLATES

 CASH ($/T)			 ASIA CLOSE	   Change   % Change   Prev Close  RIC 
 Spot Gas Oil 0.5%				50.89	 0.93	   1.86	   49.96   GO-SIN  
 GO 0.5 Diff					  -1.29	 0.01	  -0.77	   -1.30   GO-SIN-DIF  
 Spot Gas Oil 0.25%			   51.19	 0.93	   1.85	   50.26   GO25-SIN  
 GO 0.25 Diff					 -0.99	 0.01	  -1.00	   -1.00   GO25-SIN-DIF  
 Spot Gas Oil 0.05%			   51.34	 0.93	   1.84	   50.41   GO005-SIN  
 GO 0.05 Diff					 -0.84	 0.01	  -1.18	   -0.85   GO005-SIN-DIF  
 Spot Gas Oil 0.001%			  52.04	 0.93	   1.82	   51.11   GO10-SIN  
 GO 0.001 Diff					-0.14	 0.01	  -6.67	   -0.15   GO10-SIN-DIF  
 Spot Jet/Kero					50.23	 0.08	   0.16	   50.15   JET-SIN  
 Jet/Kero Diff					-0.26	-0.01	   4.00	   -0.25   JET-SIN-DIF  
																						  
 For a list of derivatives prices, including margins, please double					   

click the RICs below. Brent M1 BRENTSGMc1 Gasoil M1 GOSGSWMc1 Gasoil M1/M2 GOSGSPDMc1 Gasoil M2 GOSGSWMc2 Regrade M1 JETREGSGMc1 Regrade M2 JETREGSGMc2 Jet M1 JETSGSWMc1 Jet M1/M2 JETSGSPDMc1 Jet M2 JETSGSWMc2 Gasoil 500ppm-Dubai GOSGCKMc1 Cracks M1 Gasoil 500ppm-Dubai GOSGCKMc2 Cracks M2 Jet Cracks M1 JETSGCKMc1 Jet Cracks M2 JETSGCKMc2 East-West M1 LGOAEFSMc1 East-West M2 LGOAEFSMc2 LGO M1 LGOAMc1 LGO M1/M2 LGOASPDMc1 LGO M2 LGOAMc2 Crack LGO-Brent M1 LGOACKMc1 Crack LGO-Brent M2 LGOACKMc2