SINGAPORE: Asian refining margins for jet fuel and benchmark 10 ppm gasoil slipped on Monday as crude oil prices rose to more than two-year highs. Front-month refining margins, also known as cracks, for 10 ppm gasoil slipped to a two-week low of $8.24 a barrel over Dubai crude during Asian trading hours, down from a one-week high of $8.70 per barrel on Friday, Refinitiv data in Eikon showed.
Asian refining margins for 10 ppm gasoil have firmed recently as seasonal refinery turnarounds have tightened supplies, although regional demand continues to remain lacklustre due to COVID-19 restrictions. The front month crack for jet fuel also fell to $6.03 a barrel over Dubai crude on Monday, down from $6.40 on Friday, Refinitiv Eikon data showed. Oil prices rose on Monday, hitting their highest levels in more than two years supported by economic recovery and the prospect of fuel demand growth as vaccination campaigns in developed countries accelerate.