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Asia Distillates-Jet fuel cash differentials flip to premiums

    SINGAPORE, May 4 (Reuters) - Asia's cash differentials for jet fuel flipped into premiums
for the first time this year on Tuesday, partly supported by firmer deals in the physical
market, while prompt-month spread for the aviation fuel stood at its narrowest contango in more
than two months.
    The jet fuel market in Asia is getting support from recovering aviation demand in key
markets including China and Australia, but any further upside would be capped in the near term
due to COVID-19 lockdowns in India, trade sources said.
    Indian opposition leader Rahul Gandhi called for a nationwide lockdown as the country's
tally of coronavirus infections surged past 20 million. India's scheduled flight seat capacity
dropped 6.5% in the week to Monday, according to aviation data firm OAG.
    Scheduled flight seats in China, however, were 0.8% higher in the week to Monday compared
with the previous week, while scheduled seats in Australia were up 0.3% from last week, OAG data
showed. 
    Cash differentials for jet fuel JET-SIN-DIF were at a premium of 9 cents a barrel to
Singapore quotes on Tuesday, the strongest since February 2020. They were at a discount of 18
cents per barrel a day earlier.
    The May/June time spread for jet fuel in Singapore traded at a discount of 3
cents per barrel, compared with minus 6 cents on Monday.
    Refining margins for jet fuel were at $5.88 per barrel over Dubai crude during
Asian trading hours, still within close sight of a more than one-year high of $6.02 per barrel
touched in the previous session.
    
    INDUSTRY GROUPS URGE FULLY REOPENING U.S.-UK TRAVEL 
    - A coalition of U.S. and European travel, airline, union, business and airport groups on
Monday called for fully reopening the U.S.-UK air travel market "as soon as safely possible."

    - In a letter to U.S. President Joe Biden and British Prime Minister Boris Johnson, the
groups said the leaders' planned meeting in early June "would be an ideal opportunity for a
joint announcement of the full reopening of the U.S.-UK air travel market for both U.S. and UK
citizens."

    SINGAPORE CASH DEALS
    - Two jet fuel trades, one gasoil deal 
    
    OTHER NEWS
    - Oil prices rose on Tuesday after more U.S. states eased lockdowns and the European Union
sought to attract travellers, helping to offset concerns over fuel demand in India as COVID-19
cases soar.
    
    ASSESSMENTS    
 MID-DISTILLATES                                                                       
 CASH ($/T)            ASIA CLOSE       Change   % Change   Prev Close  RIC
 Spot Gas Oil 0.5%               70.73     1.43       2.06        69.3  GO-SIN
 GO 0.5 Diff                     -1.95     0.01      -0.51       -1.96  GO-SIN-DIF
 Spot Gas Oil 0.25%              70.88     1.43       2.06       69.45  GO25-SIN
 GO 0.25 Diff                     -1.8     0.01      -0.55       -1.81  GO25-SIN-DIF
 Spot Gas Oil 0.05%              71.09     1.43       2.05       69.66  GO005-SIN
 GO 0.05 Diff                    -1.59     0.01      -0.63        -1.6  GO005-SIN-DIF
 Spot Gas Oil 0.001%             72.49     1.42       2.00       71.07  GO10-SIN
 GO 0.001 Diff                   -0.19        0       0.00       -0.19  GO10-SIN-DIF
 Spot Jet/Kero                   71.22     1.62       2.33        69.6  JET-SIN
 Jet/Kero Diff                    0.09     0.27    -150.00       -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 Subhranshu Sahu)
  
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