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Asia Distillates-Jet fuel cracks rise to near 2-week high

    SINGAPORE, Feb 2 (Reuters) - Asian refining margins for jet fuel rose on Tuesday to their
strongest in nearly two weeks, helped by tighter supplies of the aviation fuel and hopes that
COVID-19 vaccines would help boost cross-border travel in coming months.
    Refining margins, or cracks, for jet fuel climbed 7 cents to $4.16 per barrel
over Dubai crude during Asian trading hours, the highest since Jan. 20.
    However, the jet cracks, which have gained about 28% in the past week, might come under
short-term pressure as several countries have tightened travel restrictions ahead of the Lunar
New Year holidays to contain the spread of the coronavirus.
    A recent resurgence of COVID-19 cases in Japan has forced authorities to halt their campaign
to boost tourism and reinstate lockdowns in major cities, while Australian authorities have
ordered a five-day lockdown of Perth starting Monday.
    Scheduled flight seats in Japan were down 50.7% year-on-year in the week to Feb. 1, a slight
improvement from a 51.3% drop in the previous week, while scheduled seats in Australia were
63.2% lower year-on-year, against a 65.2% drop last week, aviation data firm OAG said.
    Global scheduled flight seats rose for the first time in six weeks to be down 49.9%
year-on-year in the week to Monday, compared with a 51.9% drop in the preceding week, OAG data
showed.
    Cash differentials for jet fuel JET-SIN-DIF were at a discount of 17 cents per barrel to
Singapore quotes on Tuesday, compared with a 16-cent discount a day earlier.
    The Feb/March time spread for the aviation fuel in Singapore widened its
contango by a cent to trade at a discount of 26 cents per barrel, Refinitiv Eikon data showed.
    
    TENDERS
    - Sri Lanka's Ceylon Petroleum Corp (Ceypetco) is seeking 264,000 barrels of jet fuel for
discharge at Dolphin Tanker Berth, Colombo over Feb. 28-March 1 on a DAP basis. The tender
closes on Feb. 9 and will remain valid for three days.
    
    SINGAPORE CASH DEALS
    - One gasoil deal, no jet fuel trades
    
    OTHER NEWS
    - China's efforts to keep people from travelling for Chinese New Year because of several
clusters of COVID-19 infections are forcing analysts to revise first-quarter fuel demand
estimates, but are not expected to derail its post-pandemic recovery.
    
    ASSESSMENTS
 MID-DISTILLATES                                                                        
 CASH ($/T)             ASIA CLOSE       Change   % Change   Prev Close  RIC
 Spot Gas Oil 0.5%                61.23     1.75       2.94       59.48  GO-SIN
 GO 0.5 Diff                       -1.6     0.01      -0.62       -1.61  GO-SIN-DIF
 Spot Gas Oil 0.25%               61.33     1.75       2.94       59.58  GO25-SIN
 GO 0.25 Diff                      -1.5     0.01      -0.66       -1.51  GO25-SIN-DIF
 Spot Gas Oil 0.05%                61.6     1.75       2.92       59.85  GO005-SIN
 GO 0.05 Diff                     -1.23     0.01      -0.81       -1.24  GO005-SIN-DIF
 Spot Gas Oil 0.001%              62.82     1.76       2.88       61.06  GO10-SIN
 GO 0.001 Diff                    -0.01     0.02     -66.67       -0.03  GO10-SIN-DIF
 Spot Jet/Kero                    60.07     1.48       2.53       58.59  JET-SIN
 Jet/Kero Diff                    -0.17    -0.01       6.25       -0.16  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 Mark Potter)
  
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