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Asia Distillates-Jet fuel cash differentials plunge to 5-week low

    SINGAPORE, May 21 (Reuters) - Asia's jet fuel cash differentials slumped to their lowest in
more than a month on Friday, as regional aviation demand continued to face headwinds from
renewed COVID-19 restrictions.
    A recent resurgence in coronavirus cases has prompted several Asian countries to reimpose
lockdown measures, rattling the already struggling aviation sector even further.
    Cash discounts for jet fuel JET-SIN-DIF widened to 21 cents per barrel to Singapore
quotes, the biggest discounts since April 16. Discounts were at 14 cents on Thursday.
    Refining margins, also known as cracks, for jet fuel in Singapore dropped to
$6.43 per barrel over Dubai crude during Asian trading hours, down from $6.66 per barrel a day
earlier.
    The cracks, however, gained 4.6% this week in their eighth consecutive weekly rise,
Refinitiv Eikon data showed, partly supported by steady arbitrage shipments to Europe and the
U.S. West Coast.
    
    BARCLAYS SEES OIL DEMAND RECOVERY DESPITE ASIA WOES
    - A gradual oil demand recovery is largely on track as economies reopen, British bank
Barclays said on Friday, adding that it remained constructive on oil prices despite rising
coronavirus cases across Asia and potential return of Iranian supplies.
    - The bank, however, lowered its demand estimates for the Emerging Markets Asia (ex-China)
region, flagging risks of further downside if the recent surge in infections persisted.

    
    ARA INVENTORIES
    - Gasoil stocks held independently in the Amsterdam-Rotterdam-Antwerp (ARA) refining and
storage hub STK-GO-ARA dropped 3% to 2.03 million tonnes in the week ended May 20, data from
Dutch consultancy Insights Global showed.
    - ARA jet fuel inventories STK-JET-ARA rose 3.5% on-week to 967,000 tonnes.
    
    TENDERS
    - Sri Lanka's Ceylon Petroleum Corp (Ceypetco) has amended a tender seeking 280,000 barrels
of 500 ppm gasoil for delivery in Colombo. The delivery laycan has been amended to July 1-2,
from June 25-26 earlier. The revised tender closes on June 1 and will remain valid for three
days.
    
    SINGAPORE CASH DEALS
    - Two gasoil deals, no jet fuel trades
    
    OTHER NEWS
    - India's crude oil imports in April were little changed from the previous month as a second
COVID-19 wave forced several states to impose mobility restrictions, stemming fuel demand and
leading to larger stockpiles.
    - Oil prices steadied slightly on Friday after three days of losses, but were on track for a
weekly fall as investors braced for the return of Iranian crude supplies after officials said
Iran and world powers made progress on a nuclear deal.
    
    ASSESSMENTS
 MID-DISTILLATES                                                                                
 CASH ($/T)                     ASIA CLOSE       Change   % Change   Prev Close  RIC
 Spot Gas Oil 0.5%                        68.99    -2.13      -2.99       71.12  GO-SIN
 GO 0.5 Diff                               -2.2    -0.01       0.46       -2.19  GO-SIN-DIF
 Spot Gas Oil 0.25%                        69.2    -2.13      -2.99       71.33  GO25-SIN
 GO 0.25 Diff                             -1.99    -0.01       0.51       -1.98  GO25-SIN-DIF
 Spot Gas Oil 0.05%                       69.33    -2.13      -2.98       71.46  GO005-SIN
 GO 0.05 Diff                             -1.86    -0.01       0.54       -1.85  GO005-SIN-DIF
 Spot Gas Oil 0.001%                      71.34    -2.14      -2.91       73.48  GO10-SIN
 GO 0.001 Diff                             0.15    -0.02     -11.76        0.17  GO10-SIN-DIF
 Spot Jet/Kero                            68.56    -2.25      -3.18       70.81  JET-SIN
 Jet/Kero Diff                            -0.21    -0.07      50.00       -0.14  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 Vinay Dwivedi)
  
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