Asia Distillates-Jet cracks post steepest weekly drop in nearly 4 months

    SINGAPORE, Aug 21 (Reuters) - Asian refining margins for jet fuel dropped on Friday, posting
their biggest weekly decline in nearly four months, as a majority of international flights
continue to remain grounded amid prolonged coronavirus-led restrictions across the region.
    Refining margins, also known as cracks, for jet fuel were at minus 63 cents a
barrel to Dubai crude during Asian trading hours, compared with a discount of 49 cents a day
    The cracks this week have seen their steepest weekly drop since April 24, Refinitiv Eikon
data showed. They had closed last week at a premium of 54 cents a barrel over Dubai crude. 
    The aviation sector, which has been struggling to survive its worst downturn, is now
expected to remain under pressure through the whole of the third quarter, industry sources said.
    Hong Kong and Singapore were among the worst affected countries with the number of flights
scheduled to operate as of the week to Aug. 17 being lesser than 10% compared with the year ago
period, aviation data firm OAG said in a statement.
    Scheduled flights in Australia were down 75.1% year on year in the week to Monday, while
South Korea's scheduled flights were 40.2% lower than the corresponding period last year, OAG
data showed.
    Cash discounts for jet fuel JET-SIN-DIF were at 50 cents a barrel to Singapore quotes on
Friday, compared with a 55-cent discount on Thursday.
    - India's diesel exports dipped 1.4% to 2.06 million tonnes in July, down from 2.09 million
tonnes in June, government data showed. The July exports dropped 21.1% year on year, data
    - The country exported about 230,000 tonnes of jet fuel in July, compared with 250,000
tonnes in June and 480,000 tonnes in July 2019, data showed.
    - Jet fuel stocks held independently in the Amsterdam-Rotterdam-Antwerp (ARA) refining and
storage hub STK-JET-ARA dropped 4% to 991,000 tonnes in the week to Aug. 20, down from a
record high in the previous week, data from Dutch consultancy Insights Global showed.
    - The data showed ARA gasoil inventories STK-GO-ARA rose 3% to 2.6 million tonnes.

    - Two gasoil deals, no jet fuel trades
 CASH ($/T)             ASIA CLOSE      Change   % Change   Prev Close   RIC
 Spot Gas Oil 0.5%               47.07    -0.48      -1.01        47.55  GO-SIN
 GO 0.5 Diff                     -2.33    -0.26      12.56        -2.07  GO-SIN-DIF
 Spot Gas Oil 0.25%              47.22    -0.44      -0.92        47.66  GO25-SIN
 GO 0.25 Diff                    -2.18    -0.22      11.22        -1.96  GO25-SIN-DIF
 Spot Gas Oil 0.05%              47.38    -0.31      -0.65        47.69  GO005-SIN
 GO 0.05 Diff                    -2.02    -0.09       4.66        -1.93  GO005-SIN-DIF
 Spot Gas Oil 0.001%             49.01    -0.15      -0.31        49.16  GO10-SIN
 GO 0.001 Diff                   -0.39     0.07     -15.22        -0.46  GO10-SIN-DIF
 Spot Jet/Kero                   43.07     0.16       0.37        42.91  JET-SIN
 Jet/Kero Diff                   -0.50     0.05      -9.09        -0.55  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 Vinay Dwivedi)