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SINGAPORE: Asian refining margins for jet fuel slipped on Wednesday, but remained within close sight of a record high touched in the previous session as airlines across the globe continue to add capacity to their schedules.

Refining margins, also known as cracks, for jet fuel dropped for the first time in five sessions to $46.83 per barrel over Dubai crude during Asian trading hours, down from Tuesday’s $50.75 a barrel, which was an all-time high according to Refinitiv Eikon data that goes back to 2009.

Global airline capacity grew 4.5% or by about 4.1 million seats to over 95 million seats in the week to Monday, according to aviation data firm OAG. The capacity now stands 17.8% lower compared with the corresponding week in pre-pandemic 2019, the data showed. Cash premiums for jet fuel rose to $3.95 a barrel to Singapore quotes on Wednesday, compared with $3.77 per barrel a day earlier.

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