Asian refining margins for jet fuel turned positive for the first time in a month, bolstered by deep supply cuts and an uptick in domestic flights in regional markets such as China and Vietnam after governments eased in-country travel restrictions.
FILE PHOTO: A pipe transporting jet fuel offloaded from barges in seen at Kinder Morgan's Westridge Terminal on Burrard Inlet in Burnaby, British Columbia, Canada November 18, 2016. REUTERS/Chris Helgren/File Photo
Measures imposed to curb the spread of the coronavirus have caused jet fuel demand to plunge since February, leading to refining losses of as much as $7.23 a barrel on May 5. China Aviation Oil has been actively bidding for jet fuel cargoes in the Singapore physical trade window this month, lapping up 245,000 barrels of the fuel in the last one week, which represents half of the traded volumes in an otherwise subdued market.
Vietnam Airlines with a little over 1,150 scheduled services operated last week ranked 21st, Cirium said, as the country tries to boost domestic tourism.
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