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Asia distillates-jet fuel cash premiums drop on ample supply, weak demand

December 19/2019

MOSCOW (MRC) -- Asias cash premiums for jet fuel dropped, weighed down by abundant supplies and lackluster aviation demand, while traders were skeptical seasonal heating demand for kerosene would likely remain weak due to a warmer winter this year, said Hydrocarbonprocessing.

Cash differentials for jet fuel fell to a premium of 5 cents per barrel to Singapore quotes on Tuesday, down from a 35-cents premium a day earlier.

Refining profit margins or cracks for jet fuel were at USD14.95 per barrel over Dubai crude during Asian trading hours on Tuesday, compared with USD14.76 a barrel on Monday.

Winter in the northern hemisphere typically brings peak heating demand for kerosene, which belongs to the same grade of oil products as jet fuel, with jet refining margins determining the profitability of both.

But temperatures in Tokyo are expected to stay well above normal for the next couple of weeks, while temperatures in Seoul would remain mostly higher than normal over the next 15-day period, weather forecast models on Refinitiv Eikon showed.

Meanwhile, cracks for gasoil with 10 parts per million (ppm) sulphur content rose to USD15.60 per barrel over Dubai crude on Tuesday, their highest in a month. Cracks for the benchmark gasoil grade in Singapore were at USD15.01 per barrel on Monday.

Cash premiums for 10ppm gasoil climbed to 65 cents per barrel over Singapore quotes on Tuesday, up from 60 cents per barrel in the previous session.


mrcplast.com
Author:Anna Larionova
Tags:Asia, petroleum products, crude oil, petrochemistry.
Category:General News
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