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Energy

Asia Distillates-Jet fuel cracks under pressure as aviation demand weakens

    SINGAPORE, Oct 12 (Reuters) - Asia's jet fuel cracks fell on Monday to hit a three-session
low of about $4.18 a barrel, with the contract remaining under pressure as air travel is
persistently hammered by the pandemic.
    - India's diesel consumption in the meantime rose 13.2% to 5.49 million tonnes last month
from 4.85 million tonnes in August, data from the Petroleum Planning and Analysis Cell (PPAC) of
the Ministry of Petroleum & Natural Gas showed.
    - However, on an annual basis, India's demand for diesel declined about 6%.
    - Refiner Bharat Petroleum Corp Ltd (BPCL) had previously said that weak diesel demand
prevented it from ramping up runs as the product accounts for 40-45% of its refined products
yield.
    
    * TENDERS: India's Mangalore Refinery and Petrochemicals Ltd (Ltd) offered 65,000 tonnes of
10ppm gasoil for Nov. 6-8 loading and another 40,000 tonnes of jet fuel for Nov. 15-17 loading
from New Mangalore through two separate tenders closing on Oct. 15. 
    - Taiwan's CPC has also offered 10ppm gasoil but at 300,000 barrels for Nov. 11-20 loading
from Kaohsiung through a tender due to be awarded on Oct. 15. 
    
    * CASH DEALS: No cash deals on jet fuel and gasoil. 
    
    * EUROPE: European diesel markets have recovered this month from historic lows, as regional
refineries shut for maintenance and Russian exports drop, helping to offset persistently weak
demand.
    - Traders expect refinery maintenance in Europe to reach an autumn peak this month of around
1.7 million barrels per day (bpd), falling to around 1.1 - 1.2 million bpd in November.
    
 MID-DISTILLATES                                                                               
 CASH ($/T)                     ASIA CLOSE          Change    % Change  Prev   RIC
                                                                        Close  
 Spot Gas Oil 0.5%                           43.42     -1.32     -2.95  44.74  GO-SIN
 GO 0.5 Diff                                 -1.71      0.00      0.00  -1.71  GO-SIN-DIF
 Spot Gas Oil 0.25%                          43.88     -1.27     -2.81  45.15  GO25-SIN
 GO 0.25 Diff                                -1.25      0.05     -3.85  -1.30  GO25-SIN-DIF
 Spot Gas Oil 0.05%                          44.03     -1.33     -2.93  45.36  GO005-SIN
 GO 0.05 Diff                                -1.10     -0.01      0.92  -1.09  GO005-SIN-DIF
 Spot Gas Oil 0.001%                         44.63     -1.31     -2.85  45.94  GO10-SIN
 GO 0.001 Diff                               -0.50      0.02     -3.85  -0.52  GO10-SIN-DIF
 Spot Jet/Kero                               42.39     -0.78     -1.81  43.17  JET-SIN
 Jet/Kero Diff                               -0.50      0.07    -12.28  -0.57  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 10ppm-Dubai Cracks M1                                                                  
 Gasoil 10ppm-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 Seng Li Peng, Editing by Sherry Jacob-Phillips)
  
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