SINGAPORE, Nov 10 (Reuters) - Jet fuel refining margins in Singapore climbed on Tuesday, surging to their highest in more than seven months, helped by seasonal heating demand for closely related kerosene ahead of winter months in North Asia. Refining margins or cracks for jet fuel rose to $3.55 per barrel over Dubai crude during Asian trading hours, the strongest since March 30. They were at $2.67 per barrel a day earlier. Jet fuel and kerosene belong to the same grade of oil products, with jet margins determining the profitability of both. Kerosene demand typically soars during the peak cold season especially in Japan, which uses the fuel to fend off winter chill. But surging coronavirus cases around the world would prevent the coronavirus-hit aviation sector to return to normal as long as a majority of long-haul international flights remain grounded, trade sources said. The number of scheduled flights operating globally in the week to Nov. 9 was 46.5% lower than the corresponding week a year earlier, according to aviation data firm OAG. This compares with 45.8% fewer flights year-on-year in the previous week. Scheduled flights in South Korea were down 45.3% year-on-year in the week to Monday, compared with a 38.7% drop in the preceding week, while flights in Japan were 36.9% lower from the corresponding period last year, compared with a 36.2% drop in the previous week, OAG data showed. Cash discounts for jet fuelwere at 9 cents a barrel to Singapore quotes, compared with a 5-cent discount per barrel a day earlier. SINGAPORE CASH DEALS - No jet fuel trade, one gasoil deal OTHER NEWS - Oil prices rose on Tuesday as high hopes that a COVID-19 vaccine could be on the horizon were enough to cancel out fears that fuel demand is set to weaken in the near term in coronavirus-hit countries in Europe and the United States. ASSESSMENTS MID-DISTILLATES CASH ($/T) ASIA CLOSE Change % Change Prev Close RIC Spot Gas Oil 0.5% 45.85 2.88 6.70 42.97 GO 0.5 Diff -1.21 0.02 -1.63 -1.23 Spot Gas Oil 0.25% 46.23 2.88 6.64 43.35 GO 0.25 Diff -0.83 0.02 -2.35 -0.85 Spot Gas Oil 0.05% 46.42 2.88 6.61 43.54 GO 0.05 Diff -0.64 0.02 -3.03 -0.66 Spot Gas Oil 0.001% 46.65 2.79 6.36 43.86 GO 0.001 Diff -0.41 -0.07 20.59 -0.34 Spot Jet/Kero 45.64 2.94 6.89 42.70 Jet/Kero Diff -0.09 -0.04 80.00 -0.05 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 Maju Samuel)
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