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Asia Distillates-Jet cracks inch up, but India's virus crisis seen to hurt demand

    SINGAPORE, April 30 (Reuters) - Asian jet fuel refining margins rose on Friday as raw
material crude prices eased, though traders said regional aviation demand is expected to take a
hit from India's steep coronavirus resurgence that has led to a string of cancellations of
commercial flights.
    Flights on domestic routes within India have scaled down this month, while scores of
countries have banned or suspended international flights from the South Asian country.
    Refining margins, or cracks, for jet fuel rose to $5.81 per barrel over Dubai
crude during Asian trading hours, up from $5.76 per barrel a day earlier.
    Cash differentials for jet fuel JET-SIN-DIF were at a discount of 19 cents a barrel to
Singapore quotes on Friday, staying within close sight of their strongest levels in more than
two months.
    The regional market is getting some support from steady arbitrage flows to the West, where
demand is picking up faster as wider vaccination drives are prompting air passenger demand,
market watchers said.
    
    COVID SURGE DAMPENS INDIA'S ENERGY DEMAND
    - India is expected to consume less energy than previously expected this year as it battles
a massive second wave of COVID-19 infections, which has forced many states to reimpose lockdowns
and curfews.
    - "The fallout from slower demand is likely to be felt first in products markets via higher
exports, which are already weighing on Singapore gasoil spreads and refining margins,"
consultancy Energy Aspects said in a note.
    
    ARA INVENTORIES
    - Gasoil stocks held independently in the Amsterdam-Rotterdam-Antwerp (ARA) refining and
storage hub STK-GO-ARA rose 4.2% to 2.2 million tonnes in the week ended April 29, data from
Dutch consultancy Insights Global showed.
    - ARA jet fuel inventories STK-JET-ARA rose 12% on-week to 980,000 tonnes as airline
providers eye a travel rebound in Europe this summer, said Insights Global's Lars van
Wageningen.
    
    SINGAPORE CASH DEALS
    - One gasoil deal, no jet fuel trades
    
    OTHER NEWS
    - A Singapore prosecutor filed 23 additional forgery-related charges on Friday against Lim
Oon Kuin, the founder of collapsed oil trading firm Hin Leong Trading Pte Ltd. Friday's charges
accuse Lim of instigating a Hin Leong employee to forge documents supposedly issued by UT
Singapore Services Pte Ltd.
    - Oil prices slipped on Friday, taking a breather after touching their highest in six weeks
as concerns of wider lockdowns in India and Brazil to curb the COVID-19 pandemic offset a
bullish outlook on summer fuel demand and economic recovery.
    
    ASSESSMENTS
 MID-DISTILLATES                                                                        
 CASH ($/T)            ASIA CLOSE       Change   % Change   Prev Close  RIC
 Spot Gas Oil 0.5%               70.59     0.73       1.04       69.86  GO-SIN
 GO 0.5 Diff                     -1.94     0.01      -0.51       -1.95  GO-SIN-DIF
 Spot Gas Oil 0.25%              70.74     0.73       1.04       70.01  GO25-SIN
 GO 0.25 Diff                    -1.79     0.01      -0.56        -1.8  GO25-SIN-DIF
 Spot Gas Oil 0.05%              70.95     0.74       1.05       70.21  GO005-SIN
 GO 0.05 Diff                    -1.58     0.02      -1.25        -1.6  GO005-SIN-DIF
 Spot Gas Oil 0.001%             72.37     0.78       1.09       71.59  GO10-SIN
 GO 0.001 Diff                   -0.16     0.06     -27.27       -0.22  GO10-SIN-DIF
 Spot Jet/Kero                   70.91     0.42       0.60       70.49  JET-SIN
 Jet/Kero Diff                   -0.19    -0.01       5.56       -0.18  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 Sherry Jacob-Phillips)
  
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