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Asia and the United States are experiencing historic prices for jet fuel, yet their current circumstances couldn’t be more opposite. In Asia, jet fuel has plummeted over the past two months to its biggest discount on record for this time of the year. At the exact same time, the United States Atlantic Coast is being hit by the highest jet fuel prices in the region in more than a year.
The cash differentials for jet fuel cargoes in Singapore, a major port for Asian trade, hit a discount of $1.34 a barrel as compared to benchmark quotes earlier this week. This means that prices for January are at their putting them at their weakest since at least 1998, when Refinitiv Eikon started collecting this type of data. The jet fuel cash differentials recorded in Singapore have more than quadrupled over the last two months, also hitting their lowest level since August 2015 on a daily outright basis.
Asia - Drop - Jet - Fuel - Prices
In Asia, the drop in jet fuel prices is in large part thanks to a supply surge and a relatively warm winter, which is keeping demand for kerosene (an important component of jet fuel) lower than in past years. Temperatures in some of the region’s most populated cities, including Tokyo, Beijing and Shanghai, are expected to remain unseasonably warm for the next few weeks. Even in colder North Asia, where kerosene is generally widely used to heat homes during these months, there have been no prolonged cold snaps so far this year.
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Price - Jet - Fuel
The price of East-Asian jet fuel could pick...
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