SINGAPORE, Jan 20 (Reuters) - Asia's cash differentials for jet fuel dropped on Wednesday, as buying interests in the physical market remained muted and aviation demand continued to face headwinds from travel restrictions in the region.
Cash discounts for jet fuel JET-SIN-DIF widened to 18 cents per barrel to Singapore quotes, compared with a discount of 16 cents per barrel a day earlier.
After a slight pickup during the year-end holidays, air passenger demand has taken a hit once again as several countries renewed travel bans to contain a highly-transmissible strain of the coronavirus.
Global scheduled flight seats were 50% lower in the week to Monday year-on-year, a deterioration from 48% lower in the preceding week, according to aviation data firm OAG.
Flights in Japan were down 49.8% year-on-year in the week to Jan. 18, compared with a 49% drop in the previous week, while flights in Australia were 64.6% lesser from the corresponding period last year, as against a 55% drop last week, OAG data showed.
Refining margins, also known as cracks, for jet fuel JETSGCKMc1 dropped to $4.16 per barrel over Dubai crude during Asian trading hours, down from $4.37 a barrel on Tuesday.
INVENTORIES
- Middle-distillate inventories in the Fujairah Oil Industry Zone dropped 11.8% to 3.9 million barrels in the week ended Jan. 18, data via S&P Global (NYSE:SPGI) Platts showed. FUJAIRAH/
- The weekly stocks in Fujairah averaged 4.3 million barrels so far this year, compared with weekly averages of 4.2 million barrels in 2020, and 2.4 million barrels in 2019, Reuters calculations showed.
SINGAPORE CASH DEALS O/AS
- No gasoil deals, no jet fuel trades
OTHER NEWS
- India's crude oil imports in December soared to the highest levels in nearly three years to more than 5 million barrels per day (bpd) as its refiners cranked up output to meet a rebound in fuel demand, data from trade sources showed. Oil prices rose on Wednesday, building on solid gains overnight, thanks to a combination of a weaker dollar and expectations the incoming U.S. administration will deliver massive stimulus spending that would lift fuel demand and draw down crude stocks. O/R
ASSESSMENTS MID-DISTILLATES
CASH ($/T)
ASIA CLOSE
Change % Change Prev Close RIC Spot Gas Oil 0.5%
60.1
0.84
1.42
59.26 GO-SIN GO 0.5 Diff
-1.65
0
0.00
-1.65 GO-SIN-DIF Spot Gas Oil 0.25%
60.2
0.84
1.42
59.36 GO25-SIN GO 0.25 Diff
-1.55
0
0.00
-1.55 GO25-SIN-DIF Spot Gas Oil 0.05%
60.45
0.85
1.43
59.6 GO005-SIN GO 0.05 Diff
-1.3
0.01
-0.76
-1.31 GO005-SIN-DIF Spot Gas Oil 0.001%
61.61
0.83
1.37
60.78 GO10-SIN GO 0.001 Diff
-0.14
-0.01
7.69
-0.13 GO10-SIN-DIF Spot Jet/Kero
59.83
0.93
1.58
58.9 JET-SIN Jet/Kero Diff
-0.18
-0.02
12.50
-0.16 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