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Energy

Asia Distillates-Jet cash discounts widen as virus continues to rattle aviation

    SINGAPORE, Aug 6 (Reuters) - Asia's cash discounts for jet
fuel widened on Thursday as airlines around the globe continue
to struggle through their worst downturn with reimposed
lockdowns and travel curbs in several countries to stem a
resurgence in coronavirus cases.
    Cash differentials for jet fuel JET-SIN-DIF were at a
discount of 54 cents a barrel to Singapore quotes on Thursday,
compared with a discount of 45 cents per barrel a day earlier.
    Air passenger traffic, which showed signs of an uptick on
domestic routes and as some countries relaxed
coronavirus-related restrictions, has again pulled back with the
renewed wave of infections.
    The commercial aviation sector remains under pressure as
travellers shy away from flying in order to avoid infections,
and also inconveniences such as quarantine periods, regulatory
authority approvals for travelling, and medical tests, trade
sources said.
    Abu Dhabi's Etihad Airways reported on Thursday a $758
million loss in the first half of the year as passenger traffic
fell by nearly 60% due to the health crisis, while Virgin
Australia Holdings said it plans to cut a third of its
workforce as part of an overhaul.
    Refining profit margins or cracks for jet fuel
were $1.09 a barrel over Dubai crude during Asian trading hours
on Thursday, down 18 cents from Wednesday.
    
    INVENTORIES
    - Singapore onshore middle distillate stocks climbed 6.8% to
14.6 million barrels in the week ended Aug. 5, Enterprise
Singapore data showed.
    - The weekly Singapore middle distillate inventories have
averaged at 12.9 million barrels so far in 2020, Reuters
calculations showed. This week's stocks were up 47.6%
year-on-year.
    - U.S. distillate stockpiles rose by 1.6 million barrels
versus expectations for a 279,000-barrel rise, U.S. Energy
Information Administration data showed on Wednesday. At just
under 180 million barrels, the distillate inventories were the
highest since December 1982 for the third week in a row, the EIA
said.
    
    TENDERS
    - India's Mangalore Refinery and Petrochemicals Ltd (MRPL)
has offered 65,000 tonnes of 10ppm gasoil for Aug. 24-26 loading
from the port of New Mangalore. 
    - The tender closes on Aug. 7 and has a same-day validity.

    SINGAPORE CASH DEALS
    - No gasoil deals, no jet fuel trades
    
    
    ASSESSMENTS
 MID-DISTILLATES                                                                       
 CASH ($/T)            ASIA CLOSE       Change   % Change   Prev Close  RIC
 Spot Gas Oil 0.5%               48.53     0.07       0.14       48.46  GO-SIN
 GO 0.5 Diff                     -1.48     0.02      -1.33       -1.50  GO-SIN-DIF
 Spot Gas Oil 0.25%              49.08     0.07       0.14       49.01  GO25-SIN
 GO 0.25 Diff                    -0.93     0.02      -2.11       -0.95  GO25-SIN-DIF
 Spot Gas Oil 0.05%              49.12     0.07       0.14       49.05  GO005-SIN
 GO 0.05 Diff                    -0.89     0.02      -2.20       -0.91  GO005-SIN-DIF
 Spot Gas Oil 0.001%             50.12     0.07       0.14       50.05  GO10-SIN
 GO 0.001 Diff                    0.11     0.02      22.22        0.09  GO10-SIN-DIF
 Spot Jet/Kero                   44.11    -0.24      -0.54       44.35  JET-SIN
 Jet/Kero Diff                   -0.54    -0.09      20.00       -0.45  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 Shinjini Ganguli)
  
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