May 5, 2020 / 10:57 AM / a month ago

Asian jet fuel, gasoil cracks dive to record lows

May 5 (Reuters) - Asian refining margins for jet fuel and 10 ppm gasoil slumped to record lows on Tuesday as coronavirus-led restrictions continued to curb fuel demand.

Refining margins, known as cracks, for jet fuel dropped to $7.23 per barrel below Dubai crude during Asian trading hours, Refinitiv Eikon data showed. They were at a discount of $3.16 per barrel to Dubai crude on Monday.

Cracks for the benchmark gasoil grade with 10 ppm sulphur content in Singapore slid to $1.77 a barrel over Dubai crude on Tuesday, the lowest on record in Refinitiv Eikon data that goes back to January 2014. They were at $4.56 per barrel a day earlier.

Crude oil prices jumped Tuesday on hopes for a recovery in vehicle use and fuel demand as some European and Asian countries along with several U.S. states began to ease lockdown measures. (Reporting by Koustav Samanta; editing by Jason Neely)

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