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Asia Distillates-Jet fuel cash premiums rise, cracks slip

    SINGAPORE, May 18 (Reuters) - Asia's cash differentials for jet fuel rose on Tuesday,
supported by active buying interests in the physical market and pockets of demand from some
domestic flight routes, primarily led by China.
    A resurgence in COVID-19 infections and renewed travel restrictions in key Asian markets
including India and Japan, however, would weigh on the regional jet fuel market in the near
term, market watchers said.
    China's flight seat capacity continued its upward streak this week, rising 1.5% compared
with a week earlier, and exceeding the pre-pandemic levels of 2019 by 9.8%, according to
aviation data firm OAG.
    But India's scheduled capacity in the week to Monday slumped by 285,000 seats, or 12.8%,
week-on-week, while Japan's capacity dropped by 157,000 seats, or 9%, from a week ago, OAG data
showed.   
    The sluggish consumption in the East, however, has opened arbitrage for jet fuel cargoes to
the West.
    April's total import volumes from the East of Suez to Europe were at their highest in six
months, and traders expect the re-opening of European markets to stimulate more imports. 
    Refining margins for jet fuel in Singapore dipped to $6.09 per barrel over
Dubai crude during Asian trading hours, down from $6.15 a barrel on Monday.
    
    CHINA APRIL FUEL EXPORTS
    - China's diesel exports in April rose 5.7% from the same period last year on resurgent
overseas demand and refiners' efforts to reduce bulging domestic stocks.
    - Diesel shipments reached 2.72 million tonnes last month, down from 2.81 million tonnes in
March, data from the General Administration of Customs showed on Tuesday.
    - Jet kerosene exports were 660,000 tonnes in April, down 67.5% from the record high of 2.03
million tonnes a year earlier. 
    
    INDIA'S CLEAN PRODUCTS EXPORTS SURGE
    - India's clean products exports have jumped to 1.5 million barrels per day (bpd) in the
first half of May, 65% higher compared with the same period last month, according to data
analytics firm Vortexa.
    - Gasoline and diesel exports from the country have registered the largest month-on-month
increase of 85% and 65%, respectively, during this period as demand slowed due to a fresh wave
of the pandemic, Vortexa said in a weekly report.

    SINGAPORE CASH DEALS
    - One gasoil deal, one jet fuel trade
    
    OTHER NEWS
    - Oil rose on Tuesday to hit $70 a barrel for the first time since March, as expectations of
demand recovery following reopenings of the European and U.S. economies offset concern over
spreading coronavirus cases in Asia.
    
    ASSESSMENTS
 MID-DISTILLATES                                                                        
 CASH ($/T)             ASIA CLOSE       Change   % Change   Prev Close  RIC
 Spot Gas Oil 0.5%                74.08      1.3       1.79       72.78  GO-SIN
 GO 0.5 Diff                       -1.9     0.04      -2.06       -1.94  GO-SIN-DIF
 Spot Gas Oil 0.25%               74.23      1.3       1.78       72.93  GO25-SIN
 GO 0.25 Diff                     -1.75     0.04      -2.23       -1.79  GO25-SIN-DIF
 Spot Gas Oil 0.05%                74.4      1.3       1.78        73.1  GO005-SIN
 GO 0.05 Diff                     -1.58     0.04      -2.47       -1.62  GO005-SIN-DIF
 Spot Gas Oil 0.001%              76.18     1.24       1.65       74.94  GO10-SIN
 GO 0.001 Diff                      0.2    -0.02      -9.09        0.22  GO10-SIN-DIF
 Spot Jet/Kero                    73.68     1.19       1.64       72.49  JET-SIN
 Jet/Kero Diff                     0.05     0.01      25.00        0.04  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 Uttaresh.V and Devika Syamnath)
  
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