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FLEX - Flex News Story

$16.82 -0.7  -4.1%

Last Trade - 18/06/21

Sector
Technology
Size
Large Cap
Market Cap £6.18bn
Enterprise Value £7.00bn
Revenue £17.33bn
Position in Universe 1044th / 6919

Asia Distillates-Jet fuel cracks hit highest since March 2020

Tue 11th May, 2021 11:54am
SINGAPORE, May 11 (Reuters) - Asian refining margins for jet fuel rose on Tuesday to reach
their highest level in more than a year, buoyed by hopes of a gradual recovery in aviation
demand as Western countries increasingly ease COVID-19 lockdowns.
    Still, restrictions on long-distance flights and a resurgence in COVID-19 cases in India
will keep jet fuel demand below pre-pandemic levels over the coming months.  urn:newsml:reuters.com:*:nL1N2MY07Q 
    Steady vaccination rollouts and reduced infection rates in the United States and Europe are
allowing commercial travel to resume.
    Refining margins for jet fuel  JETSGCKMc1  rose 6 cents to $6.34 per barrel over Dubai crude
during Asian trading hours, the strongest since March 2020.
    Scheduled seat capacity for global airlines was 43.4% lower in the week to Monday compared
with the corresponding week in pre-pandemic 2019, but 98.4% higher than this week last year,
according to aviation data firm OAG.
    In a clear disparity between markets in terms of flight bookings, U.S. passengers booked
about 800,000 more flight seats in the week ended Monday on-week, OAG data showed, while India
had 275,000 fewer seats and Japan was down by about 347,000.
    
    TOP U.S. FUEL PIPELINE REMAINS DAYS FROM REOPENING
    - The biggest U.S. gasoline pipeline will not resume full operations for several more days
due to a ransomware cyberattack blamed on a shadowy criminal network called DarkSide.
 urn:newsml:reuters.com:*:nL1N2MX0S1
    - The attack on the Colonial Pipeline, which carries nearly half the fuel consumed along the
U.S. East Coast, is one of the most disruptive digital ransom schemes ever reported.
    
    TENDERS  MDIS/TENDA 
    - Sri Lanka's Ceylon Petroleum Corp (Ceypetco) is seeking 280,000 barrels of 500 ppm gasoil
for delivery in Colombo over June 25-26 on a DAP basis. The tender closes on May 25 and will
remain valid for three days.
    - Ceypetco was also seeking a combined cargo of 187,500 barrels of 500 ppm gasoil and
120,000 barrels of jet fuel for July 18-19 delivery. The tender closes on May 18 and has a
validity of three days.
    
    SINGAPORE CASH DEALS  O/AS 
    One gasoil deal, one jet fuel trade
    
    OTHER NEWS
    - India's top state oil refiners are reducing processing runs and crude imports as the
surging COVID-19 pandemic has cut fuel consumption, leading to higher product stockpiles at the
plants, company officials told Reuters on Tuesday.  urn:newsml:reuters.com:*:nL1N2MY0ES
    
    ASSESSMENTS
 MID-DISTILLATES                                                                       
 CASH ($/T)            ASIA CLOSE       Change   % Change   Prev Close  RIC
 Spot Gas Oil 0.5%               71.16    -1.14      -1.58        72.3   GO-SIN 
 GO 0.5 Diff                     -1.92    -0.01       0.52       -1.91   GO-SIN-DIF 
 Spot Gas Oil 0.25%              71.33    -1.14      -1.57       72.47   GO25-SIN 
 GO 0.25 Diff                    -1.75    -0.01       0.57       -1.74   GO25-SIN-DIF 
 Spot Gas Oil 0.05%              71.54    -1.14      -1.57       72.68   GO005-SIN 
 GO 0.05 Diff                    -1.54    -0.01       0.65       -1.53   GO005-SIN-DIF 
 Spot Gas Oil 0.001%             72.93    -1.14      -1.54       74.07   GO10-SIN 
 GO 0.001 Diff                   -0.15    -0.01       7.14       -0.14   GO10-SIN-DIF 
 Spot Jet/Kero                   71.47    -1.12      -1.54       72.59   JET-SIN 
 Jet/Kero Diff                    0.11     0.02      22.22        0.09   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    GOSGCKMc1                                                      
 Cracks M1                                                              
 Gasoil 500ppm-Dubai    GOSGCKMc2                                                      
 Cracks M2                                                              
 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 Susan Fenton)
 ((koustav.samanta@thomsonreuters.com)(+65 6870 3503)(Reuters Messaging:
koustav.samanta.thomsonreuters.com@reuters.net))
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