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coronavirus
Coronavirus
VERY HIGH
Source: covid.gov.pk
Pakistan Deaths
29,037
824hr
Pakistan Cases
1,338,993
5,47224hr
Sindh
509,308
Punjab
455,499
Balochistan
33,744
Islamabad
112,557
KPK
182,619

NEW DELHI: Asia’s cash differentials for jet fuel rose on Friday to their highest premiums since Dec. 20, while the inter-month spread for the fuel widened in backwardation.

Cash premiums for jet jumped to 81 cents per barrel to Singapore quotes, and the Jan/Feb time spread traded at 87 cents per barrel on Friday. However, the upside remained limited due to surging Omicron cases across the world.

“The impact of the Omicron variant on air travel demand is starting to become apparent, with US government passenger throughput figures and flight data from Eurocontrol both weakening so far over January compared to their respective 2019 baseline,” consultancy JBC said in a note.

Refining profit margins or cracks for jet fuel rose 50 cents to $13.74 per barrel over Dubai crude during Asian trading hours.

Jet fuel stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage area were down 2% at 879,00 tonnes in the past week, data from Dutch consultancy Insights Global showed on Thursday.

Gasoil stockpiles were up 4% at 1.830 million tonnes from prior week’s 1.754 million tonnes. No gasoil deals, no jet fuel trades.

Oil futures rose on Friday on course for a fourth weekly gain boosted by supply constraints and a weaker dollar and despite sources saying China is set to release crude reserves around the Lunar New Year.

China’s annual crude oil imports slid 5.4% in 2021, dropping for the first time since 2001, as Beijing clamped down on the refining sector to curb excess domestic fuel production while refiners drew down massive inventories.

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