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China Petrochemical News Net, according to ICIS-MRC website in Moscow on May 27, according to Reuters, due to the new wave of coronavirus infections in various regional markets affecting aviation demand, the cash spread of Asian aviation fuel on May 19 (Wednesday) After staying in the positive range for two consecutive weeks, it turned into a discount again.
The cash difference of jet fuel JETt-SIN-DIF is 3 cents per barrel discounted from Singapore’s offer, and Tuesday’s premium was 5 cents per barrel.
The renewed surge in coronavirus cases and the slow rate of vaccination are forcing people to avoid travel, and the government keeps border restrictions unchanged.
But they added that the Asian aviation fuel market is expected to benefit from arbitrage transportation to the West, as Western aviation demand recovers faster.
During the Asian trading session on Wednesday, due to the drop in raw material crude oil prices, Singapore Aviation Fuel's refining profit margin rose by 20 cents compared with Dubai crude oil to $6.
Hao Fen translated from ICIS-MRC
The original text is as follows:
Asia Distillates-Jet fuel cash differentials flip back to discounts on the back of fresh waves of coronavirus infections
Asia's cash differentials for jet fuel flipped back into discounts on Wednesday, 19 May, after staying in positive territory for two weeks, as fresh waves of coronavirus infections in several regional markets weighed on aviation demand, reported Reuters.
Cash differentials for jet fuel JET-SIN-DIF plunged to a discount of 3 cents per barrel to Singapore quotes, compared with a premium of 5 cents a barrel on Tuesday.
A resurgence in coronavirus cases and a slow rate of vaccinations are forcing people to avoid travel and governments to keep border restrictions intact.
The Asian jet fuel market, however, is expected to benefit from arbitrage shipments to the West, where aviation demand is recovering faster, they added.
Refining margins for jet fuel in Singapore climbed 20 cents to USD6.