Spot product prices posted marginal ups and downs in the week to April 5,as demand was largely muted in a quiet market,and benchmark prices climbed.Gasoil and jet fuel prices were flat-to-higher,but cash discounts widened,with gasoil's hitting die widest in six weeks,on lackluster demand.Limiting the downside,however,was a draw in inventories,according to weekly data on Thursday.Singaporean stocks of middle distillates dipped,hovering near a 2019 low.Traders largely attributed die weekly stockdraw to seasonal refinery turnarounds,but noted that inventories were deemed ample as the turnarounds have not tightened supplies as much as had been expected.Jet fuel cracks remained subdued as crude costs continued to climb.Cracks were about 19 below year-earlier levels,according to Refinitiv Eikon data.Players noted diat differentials could see a short-term boost,due to a fire at Kuwait National Petroleum's 257K-b/d Mina Abdullah refinery that knocked offline a kerosene-production unit.The outage could impact kerosene exports from the country,market sources noted,despite a spokesperson for the company stating that there were “no worries about local supplies or exports.” On die demand side,data on Friday showed that global air passenger traffic increased 5.3 on the year in Feb.,down from Jan.'s growth and marking the slowest rate of growdi in more than a year.
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