- The current jet fuel premium was in sharp contrast to the average for January, which was a small discount of 0.03 cent.

- Recent very cold weather in Japan and South Korea had given jet fuel a lift as refiners needed to maximise kerosene at the expense of jet fuel.

- Kerosene is used as a heating fuel in Japan and South Korea.

- Demand for jet fuel for air travel was also seen strong, especially with the Lunar New Year taking place this week.

- However, rising oil prices could impact air travel as airlines would like to pass the cost on to consumers.

- International Air Transport Association CEO Alexandre de Juniac said he believed there was a consensus among airlines that an oil price of around $65 to $70 remained "acceptable".

INVENTORIES: European inventories of refined products at the end of January were down by more than 6 percent from a year earlier, driven by a drawdown of middle distillates, Euroilstock data showed on Friday.

TENDER NEWS: India's Essar Oil has offered up to 70,000 tonnes of 500 ppm diesel for March 17-21 loading from Vadinar through a tender closing on Feb. 13.