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Asia Distillates-Jet fuel cracks linger close to multi-week lows

    SINGAPORE, Jan 26 (Reuters) - Asian refining margins for jet fuel rose on Tuesday, but
remained near a multi-week low touched in the previous session, as airlines are forced to keep a
majority of international flights grounded amid stringent COVID-19 travel restrictions.
    Refining profit margins or cracks for jet fuel were at $3.26 per barrel over
Dubai crude during Asian trading hours. This compares with Monday's $3.11 per barrel, which was
the lowest since Nov. 23. 
    Top Japanese airline ANA Holdings said on Tuesday it would suspend 16 international
routes and reduce service to three other routes during the summer, while Kuwait has decided to
keep its airport capacity at 30% of pre-pandemic levels until further notice.

    Global scheduled flight seats fell for a fifth consecutive week to be at 51.9% lower in the
week to Monday year-on-year, compared with a 50% drop in the preceding week, according to
aviation data firm OAG.
    Scheduled flight seats in China were down 23% year-on-year in the week to Jan. 25, compared
with a 14.7% drop in the previous week, while flight seats in South Korea were 56.6% lesser from
the corresponding period last year, as against a 56% drop last week, OAG data showed.
    Cash differentials for jet fuel JET-SIN-DIF were at a discount of 26 cents per barrel to
Singapore quotes, compared with a discount of 28 cents per barrel a day earlier.
    
    INDIA FUEL EXPORTS
    - India's diesel exports rose 18.3% to 2.65 million tonnes in December from 2.24 million
tonnes in November, government data showed. The December exports were 15.6% lower year on year,
the data showed.
    - The country exported about 310,000 tonnes of jet fuel in December, compared with 270,000
tonnes in November and 660,000 tonnes in December 2019, data showed.
    
    SINGAPORE CASH DEALS
    - No gasoil deals, no jet fuel trades
    
    OTHER NEWS
    - The world's biggest diesel engine factory in Tremery, eastern France, is undergoing a
radical overhaul - it's switching to make electric motors.
    - Oil prices were stable on Tuesday as concerns that a U.S. stimulus package might hit snags
and rising coronavirus cases countered bullish signals from better compliance with a supply cut
deal and ongoing vaccine efforts.
    
    ASSESSMENTS
 MID-DISTILLATES                                                                                
 CASH ($/T)                     ASIA CLOSE       Change   % Change   Prev Close  RIC
 Spot Gas Oil 0.5%                        58.74    -0.18      -0.31       58.92  GO-SIN
 GO 0.5 Diff                              -1.71    -0.03       1.79       -1.68  GO-SIN-DIF
 Spot Gas Oil 0.25%                       58.84    -0.18      -0.30       59.02  GO25-SIN
 GO 0.25 Diff                             -1.61    -0.03       1.90       -1.58  GO25-SIN-DIF
 Spot Gas Oil 0.05%                       59.11    -0.16      -0.27       59.27  GO005-SIN
 GO 0.05 Diff                             -1.34    -0.01       0.75       -1.33  GO005-SIN-DIF
 Spot Gas Oil 0.001%                      60.16    -0.18      -0.30       60.34  GO10-SIN
 GO 0.001 Diff                            -0.29    -0.03      11.54       -0.26  GO10-SIN-DIF
 Spot Jet/Kero                            57.96    -0.12      -0.21       58.08  JET-SIN
 Jet/Kero Diff                            -0.26     0.02      -7.14       -0.28  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 Ramakrishnan M.)
  
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