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 0.5 Diff -1.6 0.01 -0.62 -1.61
Spot Gas Oil 0.25% 61.33 1.75 2.94 59.58
GO 0.25 Diff -1.5 0.01 -0.66 -1.51
Spot Gas Oil 0.05% 61.6 1.75 2.92 59.85
GO 0.05 Diff -1.23 0.01 -0.81 -1.24
Spot Gas Oil 0.001% 62.82 1.76 2.88 61.06
GO 0.001 Diff -0.01 0.02 -66.67 -0.03
Spot Jet/Kero 60.07 1.48 2.53 58.59
Jet/Kero Diff -0.17 -0.01 6.25 -0.16
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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