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Asie Distillats-Jet fissures plongeon; les commerçants envisagent 2021 pour une demande aérienne plus ferme

    SINGAPORE, Dec 31 (Reuters) - Asian refining margins for jet fuel slipped on Thursday amid
lacklustre aviation demand, but market watchers remain hopeful that COVID-19 vaccines would help
ease travel restrictions in 2021, taking grounded international flights back to the skies.
    The number of scheduled operating flights has improved in recent weeks, primarily on
domestic routes, but analysts have warned that the aviation fuel market would need the long-haul
international flights to witness any substantial recovery.
    Refining margins, or cracks, for jet fuel dipped 14 cents to $4.44 per barrel
over Dubai crude on Thursday, the last trading day of this year.
    The jet fuel cracks in Singapore, which have gained 25.8% this month, have averaged $3.02
per barrel over Dubai crude this year. This compares with an average of $14.96 per barrel in
2019.
    A rebound in air cargo demand and gradual recovery in passenger traffic have helped global
jet fuel markets recover from lows brought upon by the pandemic, but analysts have said it would
take years for them to return to pre-crisis levels.
    Cash differentials for jet fuel JET-SIN-DIF were at a discount of 7 cents per barrel to
Singapore quotes, while Refinitiv Eikon data showed the Jan/Feb time spread for the aviation
fuel traded at a discount of 22 cents per barrel on Thursday.
    The front-month spread has narrowed its contango by about 64% in the last two months. A
narrowing contango indicates the market may flip back into backwardation – the opposite of
contango that is usually seen as a sign that prices are likely to head higher in future months.
    Meanwhile, cracks for 10 ppm gasoil, which have climbed 15% in the past month,
slipped 12 cents to $6.09 a barrel over Dubai crude during Asian trading hours.
    Cracks for the benchmark gasoil grade in Singapore have averaged $6.78 per barrel over Dubai
crude this year, compared with an average of $15.49 per barrel last year.
    
    SINGAPORE CASH DEALS
    - No gasoil deals, no jet fuel trades

    OTHER NEWS
    - China has issued 5 million tonnes of clean marine fuel export quotas in the first release
for 2021, to five companies including a private refiner, according to two trading sources with
knowledge of the matter.
    
    ASSESSMENTS
 MID-DISTILLATES                                                                          
 CASH ($/T)              ASIA CLOSE       Change   % Change   Prev Close  RIC
 Spot Gas Oil 0.5%                 55.61    -0.05      -0.09       55.66  GO-SIN
 GO 0.5 Diff                       -1.46     0.02      -1.35       -1.48  GO-SIN-DIF
 Spot Gas Oil 0.25%                55.71    -0.05      -0.09       55.76  GO25-SIN
 GO 0.25 Diff                      -1.36     0.02      -1.45       -1.38  GO25-SIN-DIF
 Spot Gas Oil 0.05%                55.81    -0.05      -0.09       55.86  GO005-SIN
 GO 0.05 Diff                      -1.26     0.02      -1.56       -1.28  GO005-SIN-DIF
 Spot Gas Oil 0.001%               56.96    -0.05      -0.09       57.01  GO10-SIN
 GO 0.001 Diff                     -0.11     0.02     -15.38       -0.13  GO10-SIN-DIF
 Spot Jet/Kero                     55.38    -0.08      -0.14       55.46  JET-SIN
 Jet/Kero Diff                     -0.07    -0.01      16.67       -0.06  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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