SINGAPORE, Jan 19 (Reuters) - Asian refining margins for jet fuel inched lower on Tuesday,
partly due to firmer feedstock crude prices, while cash discounts for the aviation fuel narrowed
as the front-month spread slimmed its contango structure.
Refining margins, or cracks, for jet fuel slipped 26 cents to $4.37 per barrel
over Dubai crude during Asian trading hours.
With coronavirus vaccination drives under way in several countries, while airlines play a
pivotal role in their deployments, aviation demand is expected to find gradual strength in
coming quarters, market watchers said.
But with China currently battling the worst outbreak of COVID-19 since March 2020, the
upcoming Lunar New Year holidays would not bring the usual peak travel demand this year, trade
sources said.
Cash differentials for jet fuel were at a discount of 16 cents per barrel to
Singapore quotes, compared with an 18-cent discount a day earlier.
The front-month time spread for jet fuel in Singapore traded at a discount of
20 cents per barrel, compared with minus 27 cents per barrel on Monday, Refinitiv Eikon data
showed.
TRUMP LIFTING SOME COVID-19 TRAVEL RESTRICTIONS
- U.S. President Donald Trump on Monday rescinded entry bans imposed because of the
coronavirus on most non-U.S. citizens arriving from Brazil and much of Europe effective Jan. 26,
two officials briefed on the matter told Reuters.
- The restrictions are set to end under a new proclamation from Trump the same day that new
COVID-19 test requirements take effect for all international visitors. The White House did not
immediately comment. Trump is due to leave office on Wednesday.
CEYPETCO'S CRUDE AND PRODUCT IMPORT PLANS
- Sri Lanka's Ceylon Petroleum Corp (Ceypetco) plans to import 1.67 million tonnes of Murban
crude and other crude oil through an estimated 18 shipments this year, according to a
procurement plan prepared by the company's commercial division.
- The company, which is an active refined products buyer in Asia, plans to import 1.6
million tonnes of 500 ppm gasoil in 2021, based on a demand forecast of 2.1 million tonnes. It
also plans to import about 81,000 tonnes of 10 ppm gasoil this year.
SINGAPORE CASH DEALS
- No gasoil deals, no jet fuel trades
OTHER NEWS
- China's gasoline exports fell for the first time last year since 2012, as fuel demand
shrank globally after governments imposed travel restrictions to contain the spread of the
coronavirus pandemic.
ASSESSMENTS
MID-DISTILLATES
CASH ($/T) ASIA CLOSE Change % Change Prev Close RIC
Spot Gas Oil 0.5% 59.26 0.73 1.25 58.53
GO 0.5 Diff -1.65 0.01 -0.60 -1.66
Spot Gas Oil 0.25% 59.36 0.73 1.25 58.63
GO 0.25 Diff -1.55 0.01 -0.64 -1.56
Spot Gas Oil 0.05% 59.6 0.73 1.24 58.87
GO 0.05 Diff -1.31 0.01 -0.76 -1.32
Spot Gas Oil 0.001% 60.78 0.73 1.22 60.05
GO 0.001 Diff -0.13 0.01 -7.14 -0.14
Spot Jet/Kero 58.9 0.57 0.98 58.33
Jet/Kero Diff -0.16 0.02 -11.11 -0.18
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 Rashmi Aich)
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January 19, 2021 at 05:43PM
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Asia Distillates-Jet fuel refining margins dip, cash discount narrows - Reuters
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