SINGAPORE, Nov 18 (Reuters) - Asian refining margins for jet fuel edged higher on Wednesday, but aviation demand remained subdued with a majority of international travel restrictions still in place amid rising coronavirus cases in some regional markets. Refining profit margins, also known as cracks, for jet fuel rose to $2.95 per barrel over Dubai crude during Asian trading hours, 35 cents higher than a day earlier. The cracks for the aviation fuel, which have slumped 18.7% in the last week, continue to be at their weakest seasonal levels on record, Refinitiv Eikon data showed. Seasonal demand for kerosene, which is widely used as a heating oil in Japan and South Korea, would likely support the market through the upcoming winter months that are expected to be colder than normal this year, market watchers said. Cash discounts for jet fuelwere at 48 cents a barrel to Singapore quotes, compared with a 50-cent discount on Tuesday. INVENTORIES - Middle-distillate inventories in the Fujairah Oil Industry Zone rose 11.3% to 5.96 million barrels in the week ended Nov. 16, data via S&P Global Platts showed. - The weekly stocks in Fujairah have averaged about 4 million barrels so far in 2020, compared with the weekly average of 2.4 million barrels in 2019, Reuters calculations showed. - U.S. distillate stockpiles fell by 5 million barrels in the week to Nov. 13, compared with expectations for a draw of 1.5 million barrels, data from industry group the American Petroleum Institute (API) showed on Tuesday. TENDERS - Sri Lanka's Ceylon Petroleum Corp (Ceypetco) is seeking a combined cargo of 130,000 barrels of 500ppm gasoil and 170,000 barrels 92-octane gasoline for discharge at Dolphin Tanker Berth, Colombo over Dec. 22-23 on a DAP basis. - The tender closes on Nov. 24 and will remain valid for three days. SINGAPORE CASH DEALS - No jet fuel trade, no gasoil deals OTHER NEWS - China's commercial oil stockpiling sector, which emerged as a key swing buyer of crude as prices plunged earlier this year, is setting plans to grow again in 2021, supporting a further boost in imports. ASSESSMENTS MID-DISTILLATES CASH ($/T) ASIA CLOSE Change % Change Prev Close RIC Spot Gas Oil 0.5% 47.44 0.48 1.02 46.96 GO 0.5 Diff -1.14 -0.04 3.64 -1.10 Spot Gas Oil 0.25% 47.79 0.48 1.01 47.31 GO 0.25 Diff -0.79 -0.04 5.33 -0.75 Spot Gas Oil 0.05% 48.04 0.48 1.01 47.56 GO 0.05 Diff -0.54 -0.04 8.00 -0.50 Spot Gas Oil 0.001% 48.43 0.47 0.98 47.96 GO 0.001 Diff -0.15 -0.05 50.00 -0.10 Spot Jet/Kero 45.98 0.34 0.74 45.64 Jet/Kero Diff -0.48 0.02 -4.00 -0.50 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 Devika Syamnath)
Our Standards: The Thomson Reuters Trust Principles.