Asia Distillates-Jet fuel cracks rise, cash discounts widen

    SINGAPORE, March 10 (Reuters) - Asian refining margins for jet fuel edged higher on
Wednesday, but stayed within close sight of a more than five-week low touched in the previous
session, while cash discounts for the aviation fuel widened amid lacklustre demand.
    Refining profit margins, also known as cracks, for jet fuel climbed to $4.30
per barrel over Dubai crude during Asian trading hours, compared with $3.96 per barrel a day
    The cracks for the aviation fuel have dropped 20% in the last two weeks, and were still
lingering at their weakest seasonal levels on record, Refinitiv Eikon data showed.
    Cash differentials for jet fuel JET-SIN-DIF were at a discount of 55 cents per barrel to
Singapore quotes on Wednesday, compared with a discount of 41 cents per barrel on Tuesday.
    - Middle-distillate inventories in the Fujairah Oil Industry Zone dropped 10% to 3.7 million
barrels in the week ended March 8, data via S&P Global Platts showed.
    - The weekly stocks in Fujairah have averaged 4.3 million barrels so far this year, compared
with a weekly average of 4.2 million barrels in 2020, Reuters calculations showed.
    - U.S. distillate fuel inventories, which include diesel and heating oil, fell by 4.8
million barrels, versus expectations for a draw of 3.5 million barrels, data from industry group
the American Petroleum Institute showed.
    - Sri Lanka's Lanka IOC was seeking 12,000 tonnes of 500 ppm gasoil and 15,000 tonnes on
92-octane gasoline for April 8-9 delivery in a tender closing on March 12. The tender would
remain valid until March 15. 
    - Pakistan State Oil (PSO) was seeking a gasoil cargo for delivery over April 12-20 in a
tender closing on March 19, trade sources said.

    - Three gasoil trades, no jet fuel deals
    - Petron Corp, which owns and operates the Philippines' only oil refinery, said on
Wednesday it plans to resume refining operations by the second half of this year and is hopeful
it will get more tax relief from the government. The Southeast Asian nation's biggest oil
company suspended operations at its 180,000-barrel-per-day Bataan refinery beginning January to
minimise losses from weak refining margins.
    - Hong Kong's Cathay Pacific Airways Ltd said on Wednesday it was focused on
preserving cash after it posted a record annual loss of HK$21.65 billion ($2.79 billion), caused
by a travel downturn, restructuring costs and fleet writedowns.
 CASH ($/T)            ASIA CLOSE       Change   % Change   Prev Close  RIC
 Spot Gas Oil 0.5%               69.64    -0.77      -1.09       70.41  GO-SIN
 GO 0.5 Diff                      -1.6      0.1      -5.88        -1.7  GO-SIN-DIF
 Spot Gas Oil 0.25%              69.74    -0.77      -1.09       70.51  GO25-SIN
 GO 0.25 Diff                     -1.5      0.1      -6.25        -1.6  GO25-SIN-DIF
 Spot Gas Oil 0.05%              70.09    -0.77      -1.09       70.86  GO005-SIN
 GO 0.05 Diff                    -1.15      0.1      -8.00       -1.25  GO005-SIN-DIF
 Spot Gas Oil 0.001%             71.02    -0.85      -1.18       71.87  GO10-SIN
 GO 0.001 Diff                   -0.21     0.03     -12.50       -0.24  GO10-SIN-DIF
 Spot Jet/Kero                   68.12    -0.96      -1.39       69.08  JET-SIN
 Jet/Kero Diff                   -0.55    -0.14      34.15       -0.41  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 Shailesh Kuber)