SINGAPORE, Feb 16 (Reuters) - Asian refining margins jet fuel jumped on Tuesday, hitting
their highest level in more than 11 months, buoyed by an increasing number of scheduled flights.
Refining margins, or cracks, for jet fuel rose to $5.37 per barrel over Dubai
crude during Asian trading hours, a level not seen since March 13, 2020. The cracks have surged
29% in the last two weeks.
The number of scheduled flights operating globally were at about 373,000 in the week ended
Monday, up from about 346,000 a week earlier, according to aviation data firm OAG.
"Total Chinese capacity is now sitting at 12.9 million seats this week, up from 8.9 million
seats last week, and significantly up on the same week last year, where capacity had fallen to
just 4.7 million seats at the beginning of the COVID-19 crisis," OAG said in a statement.
Flights in Japan were down 43.5% year-on-year in the week ended Feb. 15, compared with a
45.2% drop in the preceding week, while flights in Australia were 46.6% lesser from the
corresponding period last year, as against a 50.3% drop in the previous week, OAG data showed.
Cash differentials for jet fuel were at a discount of 11 cents per barrel to
Singapore quotes, compared with a 10-cent discount a day earlier.
QUAKE KNOCKS OUT 20% OF JAPAN'S REFINING CAPACITY
- Japanese refiners led by the biggest, Eneos Corp, shut down a fifth of the
country's crude oil refining capacity after a powerful earthquake struck northeastern Japan
knocking out power, bullet train lines and injuring more than 150 people.
- As much as 743,000 barrels per day (bpd) of oil-processing capacity has been idled, nearly
22% of Japan's roughly 3.4 million bpd capacity.
- The refineries in locations from Yokohama to Sendai near the epicentre of the
7.3-magnitude earthquake, which struck a little before midnight on Saturday, either
automatically shut down or were idled immediately for checks.
SINGAPORE CASH DEALS
- Four gasoil deals, no jet fuel trades
OTHER NEWS
- Oil prices hovered near 13-month highs on Tuesday on the back of a cold snap shutting
wells in Texas, the biggest crude producing state in the United States, while a wage deal in
Norway averted outages in Europe, capping gains.
ASSESSMENTS
MID-DISTILLATES
CASH ($/T) ASIA CLOSE Change % Change Prev Close RIC
Spot Gas Oil 0.5% 67.79 -0.06 -0.09 67.85
GO 0.5 Diff -1.65 -0.07 4.43 -1.58
Spot Gas Oil 0.25% 67.89 -0.06 -0.09 67.95
GO 0.25 Diff -1.55 -0.07 4.73 -1.48
Spot Gas Oil 0.05% 68.28 -0.01 -0.01 68.29
GO 0.05 Diff -1.16 -0.02 1.75 -1.14
Spot Gas Oil 0.001% 69.46 0.02 0.03 69.44
GO 0.001 Diff 0.02 0.01 100.00 0.01
Spot Jet/Kero 67.08 0.36 0.54 66.72
Jet/Kero Diff -0.11 -0.01 10.00 -0.1
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 Sherry Jacob-Phillips)
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