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Asia Distillates-Jet fuel refining profits hover close to multi-month peak

    SINGAPORE, Sept 7 (Reuters) - Asian refining margins for jet fuel dipped on Tuesday, but
stayed within close sight of a multi-month high touched last week, as pockets of aviation demand
emerge with weekly rise in airline capacity in some markets.
    Refining margins or cracks for jet fuel were at $7.09 per barrel over Dubai
crude during Asian trading hours, down 5 cents from a day earlier. The jet cracks hit $7.26 per
barrel on Friday, their strongest since March last year.
    The jet fuel cracks have gained 17% in the last two weeks, but they are still currently 39%
lower compared with their ten-year seasonal average for this time of the year, Refinitiv data
showed.
    Scheduled seat capacity in China rose 6.2% in the week to Monday, while flight capacity in
India and Australia gained 2.9% and 2.8%, respectively, according to aviation data firm OAG.
    "Recovery in China from the dramatic reduction in air services a month ago as a response to
a new outbreak of COVID-19, more than compensates for the reduction in air travel taking place
this week elsewhere across the globe," OAG said in a statement.
    Cash discounts for jet fuel JET-SIN-DIF narrowed to 22 cents per barrel to Singapore
quotes on Tuesday, thanks to a firmer deal in the physical market. They were at a discount of 25
cents on Monday.
    
    CHINA AUGUST CRUDE OIL IMPORTS RISE
    - China's daily crude oil imports rose 8% in August from a month earlier, customs data
showed on Tuesday, as refiners resumed purchases following the issue of new import quotas.

    - China, the world's top crude oil buyer, brought in 44.53 million tonnes of oil last month,
equivalent to 10.49 million barrels per day (bpd), according to data from the General
Administration of Customs. 
    - China's demand for crude oil is recovering after nearly five months of slower purchases,
caused by a shortage of import quotas, with buyers increasing the pace of purchases and paying
higher premiums to secure supplies. 
    
    SINGAPORE CASH DEALS
    - One jet fuel deal, one gasoil trade
    
    OTHER NEWS
    - Oil prices were mixed on Tuesday as Saudi Arabia's sharp cuts in crude contract prices for
Asia sparked fears over slower demand, but strong Chinese economic data capped losses.
    - More than 80% of oil production in the Gulf of Mexico remains shut in after Hurricane Ida,
a U.S. regulator said on Monday, more than a week after the storm made landfall and hit critical
infrastructure in the region.
    
    ASSESSMENTS
 MID-DISTILLATES                                                                          
 CASH ($/T)             ASIA CLOSE       Change   % Change   Prev Close   RIC
 Spot Gas Oil 0.5%                76.46     0.42       0.55        76.04  GO-SIN
 GO 0.5 Diff                      -3.33     0.01      -0.30        -3.34  GO-SIN-DIF
 Spot Gas Oil 0.25%               76.56     0.42       0.55        76.14  GO25-SIN
 GO 0.25 Diff                     -3.23     0.01      -0.31        -3.24  GO25-SIN-DIF
 Spot Gas Oil 0.05%               76.75     0.42       0.55        76.33  GO005-SIN
 GO 0.05 Diff                     -3.04     0.01      -0.33        -3.05  GO005-SIN-DIF
 Spot Gas Oil 0.001%              80.08     0.45       0.57        79.63  GO10-SIN
 GO 0.001 Diff                     0.29     0.04      16.00         0.25  GO10-SIN-DIF
 Spot Jet/Kero                    76.73     0.46       0.60        76.27  JET-SIN
 Jet/Kero Diff                    -0.22     0.03     -12.00        -0.25  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; Editing by Rashmi Aich)
  
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