Coronavirus tips jet fuel margins into biggest monthly fall in over a decade
The suspension of flights to China by global airlines due to the coronavirus epidemic resulted in Asian refining margins for jet fuel in January showing their biggest monthly decline in a more than a decade.
Refining margins or cracks for jet fuel dropped 34% in January, their biggest monthly drop according to data going back to as far as April 2009, Refinitiv Eikon showed.
Cracks for the aviation fuel, which closed at $9.61 a barrel over Dubai crude on Friday, have shed 17% in the last week alone, the Refinitiv data showed.
The death toll from the coronavirus, which originated from Chinese city of Wuhan, has risen to 361 and has spread to more than two dozen other countries, while the World Health Organization has declared the outbreak a public health emergency of international concern.
