“Asian demand development this year will be driven by transportation fuels, especially jet from a low base with pent-up demand as countries reopen their borders to boost the tourism sector,” S&P Global mentioned in its April 12 Asia oil market forecast. “However, China’s continued closure of borders stays a hurdle for fast regional recovery.” Q1 New York Harbor jet cracks averaged about $25/b, according to S&P Global Commodity Insights information. The remaining 80% of gasoline and diesel provide a partial hedge, depending on the correlation between the worth spreads between jet and that of the opposite two fuels.

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