SINGAPORE: Asia’s cash premiums for 10 ppm gasoil rose to their highest in over a month on Thursday, after Singapore middle distillate inventories dropped to a two-week low.

Cash premiums for gasoil with 10 ppm sulphur content climbed to 75 cents per barrel to Singapore quotes, a level not seen since Nov. 11. The differentials were at a 63-cent premium on Wednesday.

Refining margins, also known as cracks, for 10 ppm gasoil rose to $13.44 a barrel over Dubai crude during Asian trading hours, compared with $13 per barrel a day earlier.

Asia’s jet fuel refining margins are on track to double by end-2021 from the previous year, but traders and analysts say a recovery in aviation demand to pre-pandemic levels could still be years away.