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Asia Distillates-Jet fuel cracks post weekly drop, cash discounts widen

    SINGAPORE, June 25 (Reuters) - Asian refining margins for jet fuel dipped on Friday, posting
their second consecutive weekly decline, as aviation demand in the region remained lacklustre
with a majority of international flights still grounded.
    Refining profits, also known as cracks, for jet fuel slipped 2 cents to $5.57
per barrel over Dubai crude during Asian trading hours, their lowest level so far this month.
    The jet fuel cracks have shed 5.3% this week.
    "The languishing Asian jet fuel spot market remains stuck in limbo, with no compelling
fundamental drivers to make a case for any bullishness in the near term," Zameer Yusof, senior
analyst at Refinitiv Oil Research said in a weekly note.
    Cash differentials for jet fuel JET-SIN-DIF were at a discount of 50 cents per barrel, the
widest since June 4.
    The front-month time spread for the aviation fuel in Singapore, which has
stayed in a contango since January 2020, traded at minus 35 cents per barrel on Friday.
    
    RELIANCE UNVEILS $10-BLN GREEN ENERGY PLAN
    - Reliance Industries will invest $10.1 billion in clean energy over three years
in a drive to become a net carbon zero company by 2035.
    - "The world is entering a new energy era, which is going to be highly disruptive. The age
of fossil fuels, which powered economic growth globally for nearly three centuries, cannot
continue much longer," Chairman Mukesh Ambani said at a shareholder meeting on Thursday.
   
    ARA INVENTORIES
    - Gasoil stocks held independently in the Amsterdam-Rotterdam-Antwerp (ARA) refining and
storage hub STK-GO-ARA rose 3.5% to 2.5 million tonnes in the week ended June 24, data from
Dutch consultancy Insights Global showed. ARA/
    - ARA jet fuel inventories STK-JET-ARA climbed 11.2% this week to 1.2 million tonnes.
    
    SINGAPORE CASH DEALS
    - No gasoil deals, no jet fuel trades
   
    OTHER NEWS
    - Oil prices climbed for a third straight session on Friday, on track for a fifth
consecutive weekly gain, as demand growth is expected to outstrip supply on bets that OPEC+
producers will be cautious in returning more output to the market from August.
    - The infrastructure deal struck by a group of bipartisan senators and President Joe Biden
on Thursday includes partial funding by a proposed $6 billion sale from the U.S. emergency oil
reserve, according to a document circulated by Republican lawmakers.
    
    ASSESSMENTS
 MID-DISTILLATES                                                                            
 CASH ($/T)               ASIA CLOSE       Change   % Change   Prev Close   RIC
 Spot Gas Oil 0.5%                  78.26     -0.2      -0.25        78.46  GO-SIN
 GO 0.5 Diff                        -2.34    -0.03       1.30        -2.31  GO-SIN-DIF
 Spot Gas Oil 0.25%                 78.36     -0.2      -0.25        78.56  GO25-SIN
 GO 0.25 Diff                       -2.24    -0.03       1.36        -2.21  GO25-SIN-DIF
 Spot Gas Oil 0.05%                 78.57     -0.2      -0.25        78.77  GO005-SIN
 GO 0.05 Diff                       -2.03    -0.03       1.50           -2  GO005-SIN-DIF
 Spot Gas Oil 0.001%                80.52    -0.19      -0.24        80.71  GO10-SIN
 GO 0.001 Diff                      -0.08    -0.02      33.33        -0.06  GO10-SIN-DIF
 Spot Jet/Kero                      77.75    -0.23      -0.29        77.98  JET-SIN
 Jet/Kero Diff                       -0.5    -0.08      19.05        -0.42  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)
  
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