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SINGAPORE: Asian refining margins for jet fuel dipped on Tuesday but remained within close sight of a more than two-year high touched last week on expected rising aviation demand in the coming months.

Refining profit margins, or cracks, for jet fuel were down at $14.69 a barrel over Dubai crude during Asian trading hours, compared with $15.19 on Tuesday.

Scheduled airline capacity in Northeast Asia in the week to Monday rose 21% from the previous week, while scheduled seats in Central Asia and South Asia increased 9.5% and 14.7% respectively, according to aviation data company OAG.

“International airline capacity lags domestic recovery and is now 46% behind where it was three years ago, but this week saw a 9.3% increase in capacity compared to last week,” OAG said in a statement.

Cash premiums for jet fuel slipped to $1.07 a barrel to Singapore quotes on Tuesday, compared with $1.77 a day earlier.

Biofuel producers will urge US Congressional leaders on Tuesday to change the methodology used in the Build Back Better Act to account for life-cycle emissions in the production of lower-carbon aviation fuel.

Makers of sustainable aviation fuel (SAF) are angling for tax credits to help to boost production as the Biden administration seeks to cut carbon emissions.

Supply chain shortages and wage inflation are at the top of a list of concerns for aerospace companies attending a depleted Singapore Airshow amid tight health controls this week.

Across aerospace, the suppliers that feed Boeing and Airbus factories are facing an acute shortage of skilled workers and weakened balance sheets after back-to-back crises triggered by a 737 MAX safety grounding and the COVID-19 air travel slump.

One 500ppm gasoil deal, no jet fuel trades. An upward revision in historical oil demand by the International Energy Agency in its monthly report points to a tighter global market than the West’s energy watchdog had previously estimated.

Oil dropped from a seven-year high to about $94 a barrel on Tuesday, pressured by a report that some troops in Russia’s military districts adjacent to Ukraine are returning to bases, a move that could de-escalate tension between Moscow and the West.

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