SINGAPORE: Asian refining margins for jet fuel climbed on Thursday, lingering close to an all-time high touched earlier this week, on stronger aviation demand across the globe as more long-haul international flights return to the skies.

Refining profit margins, or cracks, for jet fuel rose to $61.40 per barrel over Dubai crude during Asian trading hours, compared with $59.12 a barrel on Wednesday and Tuesday’s record high of $61.77 per barrel.

International airline capacity across the globe, which has jumped about 18% in the last two months and stood at 35.2 million seats this week, is expected to rise further in coming weeks to reach over 38 million seats by August, according to aviation data firm OAG’s estimates.

Global airlines wrapped up an annual summit earlier this week by pledging to overcome operational problems that have partly marred the industry’s recovery from the COVID-19 pandemic such as labour shortages in airports.

Cash differentials for jet fuel were at a premium of $2.89 a barrel to Singapore quotes on Thursday, while cash premiums for gasoil with 10 ppm sulphur content rose 33 cents to $7.07 a barrel to Singapore.

Meanwhile, cracks for the 10 ppm gasoil grade leaped to a record high of $71.20 per barrel over Dubai crude on Thursday, according to Refinitiv Eikon data that goes back to 2014. The cracks were at $68.62 per barrel on Wednesday.