SINGAPORE, Jan 29 (Reuters) - Asian refining margins for jet fuel eased on Friday, but posted a weekly rise, as the aviation market awaits a gradual pick-up in flight schedules in coming months with COVID-19 vaccinations helping push travellers take back to the skies.
But with fresh coronavirus outbreaks in countries such as China and Vietnam, especially ahead of the Lunar New Year holidays in February, the regional aviation sector is expected to miss out the seasonal demand boost this year, trade sources said. margins, also known as cracks, for jet fuel JETSGCKMc1 dipped to $3.53 per barrel over Dubai crude during Asian trading hours, compared with $3.74 per barrel a day earlier.
The cracks, however, have gained about 4% this week, Refinitiv Eikon data showed, although they are currently at their weakest levels for this time of the year on record.
"Global jet markets should continue to strengthen gradually in the first quarter of 2021, as low supplies and the demand optimism stemming from the rollout of vaccination programmes outweigh current demand weakness," consultancy Energy Aspects said in a monthly note.
"Already low flight numbers limit further downside to demand while supply remains constrained by low runs amid weak margins... Mass inoculation programmes will be in full swing in a number of countries by the end of H1 21, lifting market optimism for a swifter demand recovery this year."
Cash differentials for jet fuel JET-SIN-DIF were at a discount of 21 cents per barrel to Singapore quotes on Friday, compared with a discount of 23 cents per barrel on Thursday.
MAJORITY OF PILOTS NO LONGER FLYING -SURVEY
- More than half of the world's airline pilots are no longer flying for a living amid the plunge in demand during the pandemic, according to a new survey, and those that are still flying feel less valued by their employers. A poll of nearly 2,600 pilots by UK-based GOOSE Recruitment and industry publication FlightGlobal, released on Thursday, found only 43% were doing the job they had trained for, with 30% unemployed, 17% furloughed and 10% in non-flying roles.
ARA STOCKS
- Gasoil stocks held independently in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub STK-GO-ARA dropped 3.4% to 2.6 million tonnes in the week to Jan. 28, data from Dutch consultancy Insights Global showed. ARA/
- The data showed ARA jet fuel inventories STK-JET-ARA dipped 2.9% to 903,000 tonnes.
SINGAPORE CASH DEALS O/AS
- Four gasoil deals, no jet fuel trades
OTHER NEWS
- Britain is banning direct passenger flights to and from the United Arab Emirates from Friday, shutting down the world's busiest international airline route from Dubai to London. MID-DISTILLATES
CASH ($/T)
ASIA CLOSE
Change % Change Prev Close RIC Spot Gas Oil 0.5%
58.82
-0.2
-0.34
59.02 GO-SIN GO 0.5 Diff
-1.67
0.01
-0.60
-1.68 GO-SIN-DIF Spot Gas Oil 0.25%
58.92
-0.2
-0.34
59.12 GO25-SIN GO 0.25 Diff
-1.57
0.01
-0.63
-1.58 GO25-SIN-DIF Spot Gas Oil 0.05%
59.19
-0.2
-0.34
59.39 GO005-SIN GO 0.05 Diff
-1.3
0.01
-0.76
-1.31 GO005-SIN-DIF Spot Gas Oil 0.001%
60.4
-0.07
-0.12
60.47 GO10-SIN GO 0.001 Diff
-0.09
0.15
-62.50
-0.24 GO10-SIN-DIF Spot Jet/Kero
57.87
-0.19
-0.33
58.06 JET-SIN Jet/Kero Diff
-0.21
0.02
-8.70
-0.23 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