**NEW DELHI: Asia’s refining margins for 10ppm gasoil and jet fuel weakened for the third straight session on Wednesday after China issued a batch of refined fuel export quotas at five million tonnes.
Refining profit margins, or cracks, for the 10 ppm gasoil grade slipped to $46.80 a barrel over Dubai crude, Refinitiv Eikon data showed. The cracks were at $49.78 in the previous session.
The new quotas issued by China will bring the total refined products export quotas this year to 22.5 million tonnes, 39% lower than the same allotments last year.
Margins for jet fuel were down 33 cents at $40.07 a barrel over Dubai crude during Asian trading hours.
Cash differentials for jet fuel rose by 72 cents to a premium of $2.10 a barrel to Singapore quotes on Wednesday. Cash premiums for gasoil with 10 ppm sulphur content were down 4 cents at $4.94 a barrel to Singapore quotes.
Three gasoil deal, no jet fuel trades. India’s latest measures aimed at boosting domestic oil supplies could reduce its diesel and gasoline exports in the second half of the year, keeping global supplies tight and underpinning prices, traders and analysts said.