Asia Distillates-Jet cash discounts narrow; Singapore middle distillate stocks dip

    SINGAPORE, June 25 (Reuters) - Asia's cash discounts for jet fuel narrowed on Thursday,
while onshore middle distillate inventories in Singapore dropped to a 2-1/2 month low.
    Cash discounts for jet fuel JET-SIN-DIF narrowed for a second consecutive session to 76
cents a barrel to Singapore quotes, compared with a discount of 79 cents a day earlier.
    Increasing fears about a resurgence of the coronavirus outbreak, however, kept a lid on
further gains for the differentials as traders worried reimposed curbs on travel could hammer
recovery hopes for the aviation sector.
    Australia's flagship airline, Qantas Airways, said on Thursday it expected little revival in
international travel until at least July 2021, as it slashed a fifth of its workforce and
grounded 100 planes. 
    Meanwhile, Jetstar Asia said it would cut up to 180 jobs and remove five aircraft from its
    An uptick in the number of domestic flights in recent weeks, prompted by easing of lockdown
measures, will not be enough to boost the jet fuel market as long as long-haul international
flights remain grounded, trade sources said.
    Despite successfully containing the COVID-19 outbreak, Vietnam said it has no plans to open
up to international tourists yet over fears that doing so could lead to a second wave of
    Refining margins or cracks for jet fuel were at $2.57 a barrel over Dubai crude
during Asian trade on Thursday, 48 cents higher from the previous session.
    - Singapore onshore middle distillate stocks slipped 0.2% to 13.9 million barrels in the
week ended June 24, Enterprise Singapore data showed.
    - The weekly Singapore middle distillate inventories have averaged at 12.7 million barrels
so far in 2020, Reuters calculations showed. This week's stocks were 23% higher year-on-year.
    - U.S. distillate stockpiles rose by 249,000 barrels to 174.7 million barrels in the week to
June 19, versus expectations for a 620,000-barrel drop, the Energy Information Administration
said on Wednesday.
    - No jet fuel trades, no gasoil deals
    - Oil slipped towards $40 a barrel on Thursday after a more than 5% fall the previous
session, as record-high U.S. crude inventories and a resurgence in coronavirus cases cast doubt
on a recovery in fuel demand.
    - FACTBOX-Competing claims for oil cargoes linked to Hin Leong

 CASH ($/T)            ASIA CLOSE       Change   % Change   Prev Close  RIC
 Spot Gas Oil 0.5%               45.33    -1.51      -3.22       46.84  GO-SIN
 GO 0.5 Diff                     -1.05     0.21     -16.67       -1.26  GO-SIN-DIF
 Spot Gas Oil 0.25%              45.97    -1.51      -3.18       47.48  GO25-SIN
 GO 0.25 Diff                    -0.41     0.21     -33.87       -0.62  GO25-SIN-DIF
 Spot Gas Oil 0.05%              46.86    -1.51      -3.12       48.37  GO005-SIN
 GO 0.05 Diff                     0.48     0.21      77.78        0.27  GO005-SIN-DIF
 Spot Gas Oil 0.001%             47.10    -1.51      -3.11       48.61  GO10-SIN
 GO 0.001 Diff                    0.72     0.21      41.18        0.51  GO10-SIN-DIF
 Spot Jet/Kero                   41.33    -1.70      -3.95       43.03  JET-SIN
 Jet/Kero Diff                   -0.76     0.03      -3.80       -0.79  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; Editing by Shailesh Kuber)