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Asia Distillates-Jet fuel cracks climb to highest in over 7 months

    SINGAPORE, Nov 10 (Reuters) - Jet fuel refining margins in
Singapore climbed on Tuesday, surging to their highest in more
than seven months, helped by seasonal heating demand for closely
related kerosene ahead of winter months in North Asia.
    Refining margins or cracks for jet fuel rose to
$3.55 per barrel over Dubai crude during Asian trading hours,
the strongest since March 30. They were at $2.67 per barrel a
day earlier.
    Jet fuel and kerosene belong to the same grade of oil
products, with jet margins determining the profitability of
both. Kerosene demand typically soars during the peak cold
season especially in Japan, which uses the fuel to fend off
winter chill.
    But surging coronavirus cases around the world would prevent
the coronavirus-hit aviation sector to return to normal as long
as a majority of long-haul international flights remain
grounded, trade sources said.
    The number of scheduled flights operating globally in the
week to Nov. 9 was 46.5% lower than the corresponding week a
year earlier, according to aviation data firm OAG. This compares
with 45.8% fewer flights year-on-year in the previous week.
    Scheduled flights in South Korea were down 45.3%
year-on-year in the week to Monday, compared with a 38.7% drop
in the preceding week, while flights in Japan were 36.9% lower
from the corresponding period last year, compared with a 36.2%
drop in the previous week, OAG data showed.
    Cash discounts for jet fuel JET-SIN-DIF were at 9 cents a
barrel to Singapore quotes, compared with a 5-cent discount per
barrel a day earlier.
    
    SINGAPORE CASH DEALS
    - No jet fuel trade, one gasoil deal
    
    OTHER NEWS
    - Oil prices rose on Tuesday as high hopes that a COVID-19
vaccine could be on the horizon were enough to cancel out fears
that fuel demand is set to weaken in the near term in
coronavirus-hit countries in Europe and the United States.
    
    ASSESSMENTS
 MID-DISTILLATES                                                                        
 CASH ($/T)             ASIA CLOSE       Change   % Change   Prev Close  RIC
 Spot Gas Oil 0.5%                45.85     2.88       6.70       42.97  GO-SIN
 GO 0.5 Diff                      -1.21     0.02      -1.63       -1.23  GO-SIN-DIF
 Spot Gas Oil 0.25%               46.23     2.88       6.64       43.35  GO25-SIN
 GO 0.25 Diff                     -0.83     0.02      -2.35       -0.85  GO25-SIN-DIF
 Spot Gas Oil 0.05%               46.42     2.88       6.61       43.54  GO005-SIN
 GO 0.05 Diff                     -0.64     0.02      -3.03       -0.66  GO005-SIN-DIF
 Spot Gas Oil 0.001%              46.65     2.79       6.36       43.86  GO10-SIN
 GO 0.001 Diff                    -0.41    -0.07      20.59       -0.34  GO10-SIN-DIF
 Spot Jet/Kero                    45.64     2.94       6.89       42.70  JET-SIN
 Jet/Kero Diff                    -0.09    -0.04      80.00       -0.05  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 Maju Samuel)
  
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