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    Home » Asia Distillates – Jet fuel cash discounts narrow, refining margins gain

    Asia Distillates – Jet fuel cash discounts narrow, refining margins gain

    December 25, 2020
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    Jet fuel
    Singapore -- Asia's cash differentials for 
    jet fuel inched higher on Thursday while 
    refining margins for the aviation fuel 
    climbed for a second consecutive session,
    buoyed by a steady increase in the number of
    scheduled flights in the region.
    
    Cash discounts for jet fuel JET-SIN-DIF 
    narrowed by 2 cents to 11 cents per barrel to
    Singapore quotes, the smallest discounts since Dec. 8.
    
    Refining margins, or cracks, for jet fuel rose 17 cents to $4.71 per barrel
    over Dubai crude during Asian trading hours on Thursday. The cracks have 
    gained 48% in the last month.
    
    The jet fuel market has been gradually improving in recent weeks after the 
    COVID-19 pandemic brought air travel to a virtual halt this year, and market
    watchers believe passenger traffic would be steadily on the rise as 
    vaccine roll-outs spur more international flights in 2021.
    
    The Jan/Feb time spread for the aviation fuel in Singapore slimmed its
    contango structure by 2 cents on Thursday to trade at a discount of 22 cents
    per barrel, Refinitiv Eikon data showed.
        
    INVENTORIES
    - Singapore's middle distillate inventories slipped 2.5% to 15.1 million 
    barrels in the week to Dec. 23, according to Enterprise Singapore data.
    - Weekly Singapore middle distillate inventories have averaged about 13.8 
    million barrels in 2020, Reuters calculations showed. This week's stocks 
    were 43.9% higher from a year ago.
    - U.S. distillate stockpiles fell by 2.3 million barrels in the week to Dec. 18, versus
    expectations for a 904,000-barrel drop, the U.S. Energy Information Administration data showed
    on Wednesday.
        
    CHINA NOVEMBER FUEL EXPORTS
    - China's diesel exports in November fell 13.2% year-on-year to 1.92 million
    tonnes, which was also down from 2.17 million tonnes in October, data from General Administration of Customs
    showed.
    - The country's jet fuel exports edged higher month-on-month to 460,000 
    tonnes, thanks to a slight recovery in international flights and steady 
    demand for domestic travel, though the volume was still 71.5% lower than a 
    year earlier, customs data showed.
    

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