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
    - 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
    - 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.
    - No jet fuel deals, no gasoil trades
    - Oil prices fell more than $1 a barrel on Monday, after the OPEC+ group of producers
overcame internal divisions and agreed to boost output, sparking some concerns about a crude
surplus as COVID-19 infections continue to rise in many countries.
 CASH ($/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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