May 20, 2020 / 10:48 AM / 5 days ago

Asia Distillates-Jet cracks slip, but stay in positive for second straight session

    SINGAPORE, May 20 (Reuters) - Asian refining margins for jet fuel dipped on Wednesday,
partly hurt by firmer raw material crude prices, a day after turning positive for the first time
in a month.
    The margins, also known as cracks eased to $1.54 a barrel over Dubai crude
during Asian trading hours on Wednesday. On Tuesday, they were at $1.83 per barrel, the
strongest since April 2.
    The jet fuel market is getting some support from deep supply cuts and an uptick in domestic
flights in regional markets such as China and Vietnam after governments eased in-country travel
restrictions.
    Cash discounts for jet fuel JET-SIN-DIF were at $2.55 a barrel to Singapore quotes on
Wednesday, compared with a discount of $2.25 a barrel on Tuesday.
    Meanwhile, cash discounts for 10 ppm gasoil GO10-SIN-DIF narrowed to 84 cents per barrel
to Singapore quotes, as against a discount of 95 cents on Tuesday.
    Refining margins for gasoil with 10 ppm sulphur content rose 31 cents to $5.54
a barrel over Dubai crude on Wednesday.
    
    FUJAIRAH STOCKS
    - Middle-distillate inventories in the Fujairah Oil Industry Zone rose 2% to 5.6 million
barrels in the week to May 18, data via S&P Global Platts showed.
    - The weekly stocks have averaged 3.4 million barrels so far in 2020, compared with a weekly
average of 2.4 million barrels in 2019, Reuters calculations showed.
    
    API INVENTORY DATA
    - U.S. crude oil and gasoline stocks fell while distillate stocks rose, data from industry
group the American Petroleum Institute showed on Tuesday.
    - Distillate fuel inventories, which include diesel and heating oil, rose by 5.1 million
barrels, compared with expectations for an increase of 1.4 million barrels. 
    
    TENDERS
    - Vietnam's Saigon Petro is seeking 10,000 tonnes of 500ppm gasoil for delivery into Cat Lai
terminal over July 1-5 in a tender closing on May 25.
    
    SINGAPORE CASH DEALS
    - No jet fuel trade, no gasoil deals
    
    OTHER NEWS
    - Oil prices firmed on Wednesday on signs of improving demand and a drawdown in U.S. crude
inventories, but worries over the economic fallout from the coronavirus pandemic and weak
refining margins capped gains.
    
    ASSESSMENTS
 MID-DISTILLATES                                                                        
 CASH ($/T)             ASIA CLOSE       Change   % Change   Prev Close  RIC
 Spot Gas Oil 0.5%                36.00     0.04       0.11       35.96  GO-SIN
 GO 0.5 Diff                      -4.11     0.12      -2.84       -4.23  GO-SIN-DIF
 Spot Gas Oil 0.25%               36.77     0.13       0.35       36.64  GO25-SIN
 GO 0.25 Diff                     -3.35     0.20      -5.63       -3.55  GO25-SIN-DIF
 Spot Gas Oil 0.05%               36.98     0.28       0.76       36.70  GO005-SIN
 GO 0.05 Diff                     -3.13     0.36     -10.32       -3.49  GO005-SIN-DIF
 Spot Gas Oil 0.001%              39.27     0.03       0.08       39.24  GO10-SIN
 GO 0.001 Diff                    -0.84     0.11     -11.58       -0.95  GO10-SIN-DIF
 Spot Jet/Kero                    33.46    -0.96      -2.79       34.42  JET-SIN
 Jet/Kero Diff                    -2.55    -0.30      13.33       -2.25  JET-SIN-DIF
                                                                                        
 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, Additional reporting by Jessica Jaganathan; Editing by Maju
Samuel)
  
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