June 17, 2020 / 11:48 AM / a month ago

Asia Distillates-Jet fuel remains under pressure on limited demand

    SINGAPORE, June 17 (Reuters) - Asia's jet fuel refining margin stayed below $3 a barrel for
the fifth straight session on Wednesday, dragged down by limited demand for air travel despite
easing lockdown measures as people mostly took to roads instead of skies.
    - The last time jet fuel cracks were above $3 was on June 10, when they were at the highest
since March 30.
    -  Air demand suffered another setback after a resurgence of coronavirus infections in
China's Beijing. 
    - China's capital cancelled scores of flights, shut schools and blocked off some
neighbourhoods as it ramped up efforts to contain a coronavirus outbreak that has fanned fears
of wider contagion.
    * TENDERS: India's Hindustan Petroleum Corp Ltd (HPCL) was looking to import 65,000 tonnes
of diesel for June 20-26 arrival at Visakhapatnam (Vizag) through a tender due to be awarded on
late Wednesday. 
    - Indian Oil Corp (IOC) was looking to export up to 48,000 tonnes of jet fuel in two cargoes
for July 5-6 loading from Paradip through a tender closing on June 18. 
    - Bahrain has also offered up to 60,000 tonnes of jet fuel for July 9-12 loading from Sitra
Port via a tender closing on June 18, with bids to stay valid until June 22. 
    * INVENTORIES: Distillate inventories, which include diesel and heating oil, in the United
States were seen adding for an 11th straight week, rising last week by 2.4 million barrels, an
extended Reuters poll showed on Tuesday.
    * OTHER NEWS: Brazil state-controlled oil Petroleo Brasileiro said that a fire at its Duque
de Caixas refinery left the facility operating with only half of its installed capacity.

    * CASH DEALS: One jet fuel deal but none on gasoil.
 CASH ($/T)                     ASIA CLOSE        Change     % Change  Prev Close  RIC
 Spot Gas Oil 0.5%                         46.69       1.52      3.37       45.17  GO-SIN
 GO 0.5 Diff                               -1.30       0.18    -12.16       -1.48  GO-SIN-DIF
 Spot Gas Oil 0.25%                        47.69       1.74      3.79       45.95  GO25-SIN
 GO 0.25 Diff                              -0.30       0.40    -57.14       -0.70  GO25-SIN-DIF
 Spot Gas Oil 0.05%                        48.64       1.79      3.82       46.85  GO005-SIN
 GO 0.05 Diff                               0.65       0.45    225.00        0.20  GO005-SIN-DIF
 Spot Gas Oil 0.001%                       48.94       1.53      3.23       47.41  GO10-SIN
 GO 0.001 Diff                              0.95       0.18     23.38        0.77  GO10-SIN-DIF
 Spot Jet/Kero                             41.86       0.93      2.27       40.93  JET-SIN
 Jet/Kero Diff                             -0.90      -0.12     15.38       -0.78  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 10ppm-Dubai Cracks M1                                                                     
 Gasoil 10ppm-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 Seng Li Peng; Editing by Aditya Soni)
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