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Jet cracks inch up, cash differentials flip to discounts

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06/18/2019 | 06:35am EDT
File photo of a technician attaching a jet fuel supply pipe to outlet in tarmac at Changi airport in Singapore

SINGAPORE (Reuters) - Asian refining profit margins for jet fuel edged higher on Tuesday as raw material crude prices eased, while cash differentials for the aviation fuel flipped back into discounts amid weaker deals in the physical market.

Refining margins, also know as cracks, for jet fuel rose to $14.64 a barrel over Dubai crude during Asian trading hours, up from $14.58 a barrel on Monday.

Crude oil prices dropped for a second day on Tuesday on signs that global economic growth is being hit by U.S.-China trade tensions, although losses were limited amid tensions in the Middle East after last week's he tanker attacks. [O/R]

Jet fuel cracks, which have gained about 4% over the last couple of weeks, are currently at their strongest levels for this time of the year in the last six years, Refinitiv Eikon data showed.

Cash differentials for jet fuel were at a discount of 4 cents a barrel to Singapore quotes on Tuesday, compared with a discount of 4 cents per barrel a day earlier.

Summer travelling demand from the aviation sector is expected to bring some support in the near term, trade sources said.

However, increasing supplies from refineries returning from seasonal turnarounds and new refining capacities in the region would keep the jet fuel market under pressure going forward, they added.

Meanwhile, cash differentials for 10ppm gasoil were at a discount of 5 cents a barrel to Singapore quotes, compared with a discount of 16 cents a barrel on Monday.

Refining margins for gasoil with 10ppm sulphur content slipped eight cents to $15 a barrel over Dubai crude on Tuesday.

SINGAPORE CASH DEALS

- Four gasoil trades, two jet fuel deals

- Singapore trader Hin Leong bought 150,000 barrels of 500ppm gasoil from Shell for July 13-17 loading at a discount of 90 cents a barrel to Singapore quotes.

- Hin Leong bought 150,000 barrels of 10ppm gasoil from Zenrock for July 14-18 loading at parity to Singapore quotes.

- Hin Leong also bought two separate cargoes of 150,000 barrels of 10ppm gasoil each from Vitol for July 10-14 loading and July 5-9 loading respectively at parity to Singapore quotes.

- Petrodiamond bought 100,000 barrels of jet fuel from CAO for July 8-12 loading at parity to Singapore quotes.

- Hin Leong bought 100,000 barrels of jet fuel from Zenrock for July 3-7 loading at a discount of 10 cents a barrel to Singapore quotes.

- For more information, please click [O/AS]

OTHER NEWS

- Indonesian state energy company PT Pertamina on Tuesday said it was extending negotiations with Saudi Aramco on the potential joint development of an oil refinery in the country by another three months.

- Iran's oil minister met his Russian counterpart in Iran on Monday, industry sources said, raising hopes of progress in resolving an impasse over when OPEC and its allies will hold their next policy gathering.

The Organization of the Petroleum Exporting Countries and partners including Russia, an alliance known as OPEC+, have been considering since last month moving the date of their policy meeting in Vienna to July 3-4 from June 25-26.

ASSESSMENTS

MID-DISTILLATES

CASH ($/T) ASIA CLOSE Change % Change Prev Close RIC

Spot Gas Oil 0.5% 70.54 -1.34 -1.86 71.88

GO 0.5 Diff -2.63 0.00 0.00 -2.63

Spot Gas Oil 0.25% 70.83 -0.79 -1.10 71.62

GO 0.25 Diff -2.34 0.03 -1.27 -2.37

Spot Gas Oil 0.05% 72.25 -1.10 -1.50 73.35

GO 0.05 Diff -0.92 -0.02 2.22 -0.90

Spot Gas Oil 0.001% 73.11 -0.98 -1.32 74.09

GO 0.001 Diff -0.05 0.11 -68.75 -0.16

Spot Jet/Kero 72.78 -1.03 -1.40 73.81

Jet/Kero Diff -0.04 -0.08 -200.00 0.04

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 Gopakumar Warrier)

Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL 0.00% 63.24 Delayed Quote.17.43%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.01% 62.967 Delayed Quote.-9.01%
WTI 0.57% 56.41 Delayed Quote.24.56%
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