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Asia Distillates-Jet fuel cracks linger near multi-month low

    SINGAPORE, March 31 (Reuters) - Asian jet fuel refining margins inched up on
Wednesday, but they were still lingering near a multi-month low hit in the previous
session as traders remained concerned that a resurgence in COVID-19 cases and slow pace
of vaccinations would dampen aviation demand recovery.
    Refining margins, also knows as cracks, for jet fuel crawled up 2 cents
to $2.25 per barrel over Dubai crude during Asian trading hours, hovering near a
five-month low touched on Tuesday.
    Global airlines continue to suffer from the coronavirus-induced restrictions as a
majority of long-haul flights still remain grounded and passengers shy away from
travelling to avoid inconveniences such as tests and quarantine measures.
    Cash discounts for jet fuel JET-SIN-DIF were at 60 cents per barrel to Singapore
quotes on Tuesday, the widest since March 11. They were at a 53-cent discount a day
earlier.
    
    PERTAMINA PREPARING TO RESTART BALONGAN REFINERY AFTER FIRE
    - Indonesia's state oil company PT Pertamina            said it has put out a fire
that had engulfed part of its 125,000 barrel per day refinery in Balongan, West Java and
had begun making preparations to restart the plant.
    - Pertamina said in a statement that by Wednesday afternoon, fires in all four
affected storage units have been extinguished. The company was conducting a cooling down
process and planning to begin preparation to restart the refinery as soon as it is safe
to do so, it said.
    
    INVENTORIES
    - Middle-distillate inventories in the Fujairah Oil Industry Zone slipped 3.6% to
3.5 million barrels in the week ended March 29, data via S&P Global Platts showed.

    - The weekly stocks in Fujairah have averaged 4.1 million barrels so far this year,
Reuters calculations showed.
    - U.S. distillate fuel inventories, which include diesel and heating oil, rose by
about 2.6 million barrels in the week to March 26, versus expectations for an increase
of 200,000 barrels, data from industry group American Petroleum Institute showed.

    
    SINGAPORE CASH DEALS
    - One gasoil deal, no jet fuel trades
    
    OTHER NEWS
    - OPEC+ has lowered its 2021 oil demand growth forecast by 300,000 barrels per day
reflecting concerns about the market's recovery, a report from its experts panel meeting
seen by Reuters showed.
    
    ASSESSMENTS
 MID-DISTILLATES                                                                        
 CASH ($/T)             ASIA CLOSE       Change   % Change   Prev Close  RIC
 Spot Gas Oil 0.5%                66.13    -0.26      -0.39       66.39  GO-SIN
 GO 0.5 Diff                       -1.6     0.01      -0.62       -1.61  GO-SIN-DIF
 Spot Gas Oil 0.25%                66.3    -0.26      -0.39       66.56  GO25-SIN
 GO 0.25 Diff                     -1.43     0.01      -0.69       -1.44  GO25-SIN-DIF
 Spot Gas Oil 0.05%               66.63    -0.26      -0.39       66.89  GO005-SIN
 GO 0.05 Diff                      -1.1     0.01      -0.90       -1.11  GO005-SIN-DIF
 Spot Gas Oil 0.001%              67.44    -0.28      -0.41       67.72  GO10-SIN
 GO 0.001 Diff                    -0.29    -0.02       7.41       -0.27  GO10-SIN-DIF
 Spot Jet/Kero                    64.66    -0.36      -0.55       65.02  JET-SIN
 Jet/Kero Diff                     -0.6    -0.07      13.21       -0.53  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 Rashmi Aich)
  
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