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Last Trade - 18/06/21

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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 $6.34 per barrel over Dubai crude
during Asian trading hours, the strongest since March 2020.
    Scheduled seat capacity for global airlines was 43.4% lower in the week to Monday compared
with the corresponding week in pre-pandemic 2019, but 98.4% higher than this week last year,
according to aviation data firm OAG.
    In a clear disparity between markets in terms of flight bookings, U.S. passengers booked
about 800,000 more flight seats in the week ended Monday on-week, OAG data showed, while India
had 275,000 fewer seats and Japan was down by about 347,000.
    - The biggest U.S. gasoline pipeline will not resume full operations for several more days
due to a ransomware cyberattack blamed on a shadowy criminal network called DarkSide.
    - The attack on the Colonial Pipeline, which carries nearly half the fuel consumed along the
U.S. East Coast, is one of the most disruptive digital ransom schemes ever reported.
    - Sri Lanka's Ceylon Petroleum Corp (Ceypetco) is seeking 280,000 barrels of 500 ppm gasoil
for delivery in Colombo over June 25-26 on a DAP basis. The tender closes on May 25 and will
remain valid for three days.
    - Ceypetco was also seeking a combined cargo of 187,500 barrels of 500 ppm gasoil and
120,000 barrels of jet fuel for July 18-19 delivery. The tender closes on May 18 and has a
validity of three days.
    One gasoil deal, one jet fuel trade
    - India's top state oil refiners are reducing processing runs and crude imports as the
surging COVID-19 pandemic has cut fuel consumption, leading to higher product stockpiles at the
plants, company officials told Reuters on Tuesday.  urn:newsml:reuters.com:*:nL1N2MY0ES
 CASH ($/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:
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