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Asia Distillates-Jet fuel cracks drop to lowest in a week

    SINGAPORE, April 20 (Reuters) - Asian refining margins for jet fuel dropped on Tuesday as
feedstock crude prices firmed and airlines reduced near-term capacity due to fresh waves of the
COVID-19 pandemic in several markets.
    Refining margins, also known as cracks, for jet fuel dropped to $4.39 per
barrel over Dubai crude during Asian trading hours, the lowest since April 13. They were at
$4.72 per barrel a day earlier.
    Global airlines have reduced their full-month scheduled capacity for April by 3.7 million
seats this week compared with last week, according to aviation data firm OAG.
    The full-month capacity for May was cut by a further 15.3 million seats this week following
a reduction of 13 million seats last week, while 23 million seats were also reduced from June
capacity, OAG data showed.
    Cash discounts for jet fuel JET-SIN-DIF were at 12 cents a barrel to Singapore quotes as
the physical trade window in Singapore remained muted with no bids or trades on Tuesday.
    
    CHINA POLICE DETAIN SEVERAL PEOPLE FOR ILLICIT FUEL TRADING
    - Police in China's southern Guangdong province have detained several people, including two
senior staff of a BP Plc joint venture, in connection with an investigation into
suspected illicit fuel trading, three people said.
    - The detentions come after Guangdong, China's largest fuel consuming province, launched in
February an investigation into suspected illicit trading between 2018 and 2020 of light cycle
oil (LCO), a refinery by-product widely used to blend into diesel, said one of the sources.
    - The Guangdong police issued warrants of detention for more than 70 people in the probe,
the source, who had direct knowledge of the matter, told Reuters. Under Chinese law, detention
warrants allow people to be held for up to 37 days for investigations.

    SINGAPORE CASH DEALS
    - Two gasoil deals, no jet fuel trades
    
    OTHER NEWS
    - The head of global airline industry body IATA has hit out at the high cost of COVID-19
testing, accusing providers of profiteering from travel, and calling for the industry to
challenge whether PCR tests are necessary.
    - Oil rose to $68 a barrel and hit its highest in a month on Tuesday, supported by a
disruption to Libyan exports and expectations of a drop in U.S. crude inventories, although
rising coronavirus cases in Asia limited gains.
    
    ASSESSMENTS
 MID-DISTILLATES                                                                         
 CASH ($/T)             ASIA CLOSE       Change   % Change   Prev Close  RIC
 Spot Gas Oil 0.5%                69.63     0.48       0.69       69.15  GO-SIN
 GO 0.5 Diff                      -1.86    -0.13       7.51       -1.73  GO-SIN-DIF
 Spot Gas Oil 0.25%               69.79     0.48       0.69       69.31  GO25-SIN
 GO 0.25 Diff                      -1.7    -0.13       8.28       -1.57  GO25-SIN-DIF
 Spot Gas Oil 0.05%               70.04     0.58       0.84       69.46  GO005-SIN
 GO 0.05 Diff                     -1.45    -0.03       2.11       -1.42  GO005-SIN-DIF
 Spot Gas Oil 0.001%              71.16     0.58       0.82       70.58  GO10-SIN
 GO 0.001 Diff                    -0.33    -0.03      10.00        -0.3  GO10-SIN-DIF
 Spot Jet/Kero                    69.47     0.67       0.97        68.8  JET-SIN
 Jet/Kero Diff                    -0.12     0.03     -20.00       -0.15  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 Amy Caren Daniel)
  
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