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 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 0.5 Diff -1.95 0.01 -0.51 -1.96
Spot Gas Oil 0.25% 70.88 1.43 2.06 69.45
GO 0.25 Diff -1.8 0.01 -0.55 -1.81
Spot Gas Oil 0.05% 71.09 1.43 2.05 69.66
GO 0.05 Diff -1.59 0.01 -0.63 -1.6
Spot Gas Oil 0.001% 72.49 1.42 2.00 71.07
GO 0.001 Diff -0.19 0 0.00 -0.19
Spot Jet/Kero 71.22 1.62 2.33 69.6
Jet/Kero Diff 0.09 0.27 -150.00 -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 Subhranshu Sahu)
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Asia Distillates-Jet fuel cash differentials flip to premiums - Reuters
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