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Asia Distillates-Jet fuel cash differentials plunge to 5-week low

Fri 21st May, 2021 12:08pm
SINGAPORE, May 21 (Reuters) - Asia's jet fuel cash differentials slumped to their lowest in
more than a month on Friday, as regional aviation demand continued to face headwinds from
renewed COVID-19 restrictions.
    A recent resurgence in coronavirus cases has prompted several Asian countries to reimpose
lockdown measures, rattling the already struggling aviation sector even further.
    Cash discounts for jet fuel  JET-SIN-DIF  widened to 21 cents per barrel to Singapore
quotes, the biggest discounts since April 16. Discounts were at 14 cents on Thursday.
    Refining margins, also known as cracks, for jet fuel in Singapore  JETSGCKMc1  dropped to
$6.43 per barrel over Dubai crude during Asian trading hours, down from $6.66 per barrel a day
    The cracks, however, gained 4.6% this week in their eighth consecutive weekly rise,
Refinitiv Eikon data showed, partly supported by steady arbitrage shipments to Europe and the
U.S. West Coast.
    - A gradual oil demand recovery is largely on track as economies reopen, British bank
Barclays said on Friday, adding that it remained constructive on oil prices despite rising
coronavirus cases across Asia and potential return of Iranian supplies.
    - The bank, however, lowered its demand estimates for the Emerging Markets Asia (ex-China)
region, flagging risks of further downside if the recent surge in infections persisted.
    - Gasoil stocks held independently in the Amsterdam-Rotterdam-Antwerp (ARA) refining and
storage hub  STK-GO-ARA  dropped 3% to 2.03 million tonnes in the week ended May 20, data from
Dutch consultancy Insights Global showed.  ARA/ 
    - ARA jet fuel inventories  STK-JET-ARA  rose 3.5% on-week to 967,000 tonnes.
    - Sri Lanka's Ceylon Petroleum Corp (Ceypetco) has amended a tender seeking 280,000 barrels
of 500 ppm gasoil for delivery in Colombo. The delivery laycan has been amended to July 1-2,
from June 25-26 earlier. The revised tender closes on June 1 and will remain valid for three
    - Two gasoil deals, no jet fuel trades
    - India's crude oil imports in April were little changed from the previous month as a second
COVID-19 wave forced several states to impose mobility restrictions, stemming fuel demand and
leading to larger stockpiles.  urn:newsml:reuters.com:*:nL2N2N71A1
    - Oil prices steadied slightly on Friday after three days of losses, but were on track for a
weekly fall as investors braced for the return of Iranian crude supplies after officials said
Iran and world powers made progress on a nuclear deal.  O/R 
 CASH ($/T)                     ASIA CLOSE       Change   % Change   Prev Close  RIC
 Spot Gas Oil 0.5%                        68.99    -2.13      -2.99       71.12   GO-SIN 
 GO 0.5 Diff                               -2.2    -0.01       0.46       -2.19   GO-SIN-DIF 
 Spot Gas Oil 0.25%                        69.2    -2.13      -2.99       71.33   GO25-SIN 
 GO 0.25 Diff                             -1.99    -0.01       0.51       -1.98   GO25-SIN-DIF 
 Spot Gas Oil 0.05%                       69.33    -2.13      -2.98       71.46   GO005-SIN 
 GO 0.05 Diff                             -1.86    -0.01       0.54       -1.85   GO005-SIN-DIF 
 Spot Gas Oil 0.001%                      71.34    -2.14      -2.91       73.48   GO10-SIN 
 GO 0.001 Diff                             0.15    -0.02     -11.76        0.17   GO10-SIN-DIF 
 Spot Jet/Kero                            68.56    -2.25      -3.18       70.81   JET-SIN 
 Jet/Kero Diff                            -0.21    -0.07      50.00       -0.14   JET-SIN-DIF 
 For a list of derivatives prices, including margins, please double                             
 click the RICs below.                                                           
 Brent M1                        BRENTSGMc1                                                     
 Gasoil M1                       GOSGSWMc1                                                      
 Gasoil M1/M2                    GOSGSPDMc1                                                     
 Gasoil M2                       GOSGSWMc2                                                      
 Regrade M1                      JETREGSGMc1                                                    
 Regrade M2                      JETREGSGMc2                                                    
 Jet M1                          JETSGSWMc1                                                     
 Jet M1/M2                       JETSGSPDMc1                                                    
 Jet M2                          JETSGSWMc2                                                     
 Gasoil 500ppm-Dubai Cracks M1   GOSGCKMc1                                                      
 Gasoil 500ppm-Dubai Cracks M2   GOSGCKMc2                                                      
 Jet Cracks M1                   JETSGCKMc1                                                     
 Jet Cracks M2                   JETSGCKMc2                                                     
 East-West M1                    LGOAEFSMc1                                                     
 East-West M2                    LGOAEFSMc2                                                     
 LGO M1                          LGOAMc1                                                        
 LGO M1/M2                       LGOASPDMc1                                                     
 LGO M2                          LGOAMc2                                                        
 Crack LGO-Brent M1              LGOACKMc1                                                      
 Crack LGO-Brent M2              LGOACKMc2                                                      
 (Reporting by Koustav Samanta;
Editing by Vinay Dwivedi)
 ((koustav.samanta@thomsonreuters.com)(+65 6870 3503)(Reuters Messaging:
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