China Aviation Oil seeks up to 1.4 mln bbls jet fuel -trade - Reuters

[PaperMan]

China Aviation Oil seeks up to 1.4 mln bbls jet fuel -trade - Reuters

SINGAPORE |
Mon May 28, 2012 11:38pm EDT

SINGAPORE May 29 (Reuters) - China Aviation Oil (Singapore)
is seeking up to 1.4 million barrels of jet fuel for
June and July, similar volumes to its previous tender, industry
sources said on Tuesday.

CAO is seeking four 240,000-300,000-barrel cargoes for
loading over June 21-30, July 1-10, July 11-20 and July 21-31,
traders said.

The cargoes are to be loaded from either Japan, South Korea,
Taiwan or Singapore.

The company is also seeking 25,000 tonnes, or 200,000
barrels, of jet fuel for delivery into Huangpu, China over July
4-6.

The tender closes on May 30 and is valid until May 31.

CAO last bought up to 1.4 million barrels from undisclosed
buyers at a discount of 40 cents a barrel to Singapore quotes.

CAO is Asia's top jet fuel buyer and any spot purchases by
the company usually keep the Asian jet fuel market well
supported.

Despite ample supply, jet fuel prices in Asia has seen some
support over the past few days on workable arbitrage economics
to send the product from the Middle East to Europe as demand
picks up in Europe ahead of the summer holiday season.

A fall un underlying crude prices - which have
dropped 10 percent since the start of May - is also expected to
boost demand from airlines, whose profits have been hit by high
fuel costs.

(Reporting by Jessica Jaganathan; Editing by Ed Davies)

http://news.google.com/news/url?sa=t&fd=...YV20120529