"The jet market structure has come off and this would affect on differentials this week even if aviation demand is recovering," another trader said.Īt the Asian close Nov. 22 Asian close, down 20 cents/b on the week, Platts data showed.
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Aviation demand is still recovering but the lockdowns in Europe has weakened sentiment even if there's no travel advisory," the trader added.įurther along the derivatives curve, the Q1-Q2 2022 jet fuel/kerosene spread was assessed at plus $1.07/b at the Nov. "Everyone will see what happens this week. While there have been no updates to international travel advisory to these countries, market participants are keeping track of lockdown developments, fearing that other countries in Europe would follow suit. Elsewhere, the Netherlands has imposed a three-week partial lockdown from Nov.
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Germany, Europe's largest economy, warned it may also have to move to a full lockdown.
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22 for at least 20 days to curb the surge in infections. Austria went into full lockdown starting Nov. This coincides with softer demand in the downstream aviation sector amid a resurgence of COVID-19 infections in Europe. The transfer allows the exporting companies to source the volume of barrels without restriction in the domestic market, and to choose the barrels from gasoline, gasoil and jet fuel. Under the processing trade route, export quotas are restricted to specific refineries, volumes and products. "The market sentiment is a bit weak now because of the lockdowns in Europe and concerns that there will be more exports from China," a trader said.Ĭhina's Ministry of Commerce has approved the transfer of key oil products' export quotas of PetroChina, Sinopec and Sinochem - totaling 969,000 mt - from the processing trade route to the general trade route. 22, narrowing 56 cents/b from the start of the month. The bearishness was evident in the paper market with the front-month FOB Singapore jet fuel time spread assessed at 17 cents/b at the Asian close on Nov. 22, falling 46 cents/b day on day, and also narrowing $3.85/b since it reached a near two-year high of $13.24/b on Nov. The December jet fuel/kerosene swap crack against Dubai was assessed at $9.39/b at the 0830 GMT Asian close on Nov.
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