Asia Distillats – Les remises en espèces sur le carburéacteur s’élargissent en raison de la fragilité de la demande de fret

    SINGAPORE, July 19 (Reuters) - Asia's cash discounts for jet fuel widened on Monday, hurt by
muted buying interest in the physical market, while concerns over new infectious coronavirus
variants weighed on the region's near-term aviation demand outlook.
    Although the aviation markets in the United States and Europe have found some support in
recent weeks, fresh travel restrictions tied to surging COVID-19 infections have dashed hopes
for a recovery in Asian jet fuel demand this year, traders and analysts said.
    "Jet fuel is set to remain a laggard at least until Q2-2022, and potentially for some time
further," said Philip Jones-Lux, head of downstream at consultancy JBC Energy.
    "The gradual recovery that we are seeing in different markets is mostly the result of a
resumption in regional flights, while inter-continental flights, which account for a sizeable
share of jet fuel demand, have experienced limited improvements to date."
    Cash discounts for jet fuel JET-SIN-DIF widened by a cent to 41 cents per barrel to
Singapore quotes, while the front-month time spread traded at minus 22 cents per barrel on
Monday.
    
    CHINA'S DIESEL EXPORTS REBOUND IN JUNE
    - China's June diesel exports rebounded from May and more than doubled from the same period
last year, as refiners shipped out more surplus barrels amid record refinery production.

    - Diesel shipments last month reached 2.36 million tonnes, versus 1.68 million tonnes in May
and 1.04 million tonnes in June 2020, data from the General Administration of Customs showed on
Sunday. 
    - Jet kerosene exports also increased in June to 910,000 tonnes, the highest since April
2020 and compared with 770,000 tonnes a year earlier.
    - Chinese refineries processed at record rates in June as plants returned from maintenance
and due to the start-up of a new crude unit at private mega refiner Zhejiang Petrochemical Corp
in April.
    
    SINGAPORE CASH DEALS
    - No jet fuel deals, no gasoil trades
    
    OTHER NEWS
    - Oil prices fell more than $1 a barrel on Monday, after the OPEC+ group of producers
overcame internal divisions and agreed to boost output, sparking some concerns about a crude
surplus as COVID-19 infections continue to rise in many countries.
    
    ASSESSMENTS
 MID-DISTILLATES                                                                       
 CASH ($/T)             ASIA CLOSE      Change   % Change   Prev Close  RIC
 Spot Gas Oil 0.5%               76.38    -0.63      -0.82       77.01  GO-SIN
 GO 0.5 Diff                     -2.29    -0.02       0.88       -2.27  GO-SIN-DIF
 Spot Gas Oil 0.25%              76.48    -0.63      -0.82       77.11  GO25-SIN
 GO 0.25 Diff                    -2.19    -0.02       0.92       -2.17  GO25-SIN-DIF
 Spot Gas Oil 0.05%              76.69    -0.63      -0.81       77.32  GO005-SIN
 GO 0.05 Diff                    -1.98    -0.02       1.02       -1.96  GO005-SIN-DIF
 Spot Gas Oil 0.001%             78.62     -0.6      -0.76       79.22  GO10-SIN
 GO 0.001 Diff                   -0.05        0       0.00       -0.05  GO10-SIN-DIF
 Spot Jet/Kero                   75.88    -0.57      -0.75       76.45  JET-SIN
 Jet/Kero Diff                   -0.41    -0.01       2.50        -0.4  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 Subhranshu Sahu)
  

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