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* Delayed restart of Exxon refinery draws down inventories
* Valero and BP among traders shipping jet from Asia to U.S.
* Asian jet fuel margin climbs to 1-week high
By Jessica Jaganathan
SINGAPORE, May 13 (Reuters) - Asian jet fuel shipments tothe United States West Coast region could pick up this month asa prolonged cut in throughput at a California refinery isdrawing down inventories, traders said on Wednesday.
Arbitrage economics to ship jet fuel from North Asia to theU.S. West Coast are now profitable, so there would be anincrease in spot jet fuel cargoes on that route over the comingweeks, they said.
Demand from the U.S. helped push up Asian jet fuel marginsto a one-week high on Wednesday.
An explosion in February that shut the gasoline-making unitof Exxon Mobil's Torrance 149,500 barrels-per-day (bpd) refinery near Los Angeles reduced throughput at the refinery.
This has pushed up gasoline prices which is promptingrefineries in the U.S. west coast to produce more gasoline thanjet fuel, in turn drawing down inventories for the latter andincreasing import demand, one of them said.
"The U.S. west coast prompt month market is strong and hasbeen since middle of last week...I think the ExxonMobil incidentand a delayed restart is causing it," a Singapore-based traderwho is familiar with shipments on that route said.
The distillate stocks, which include jet fuel, in the U.S.west coast slipped by nearly 4 percent to 13.901 million barrelsin the week to May 1, latest data from the U.S. EnergyInformation Administration showed.
Valero has tentatively fixed the "Qi Lin Zuo" toship 60,000 tonnes of jet fuel from South Korea to the U.S. westcoast for loading in late May, traders and shipbrokers said.
Marubeni has tentatively fixed the High Progress to ship40,000 tonnes of jet fuel from either South Korea or Bristol Bayheaded to the U.S. west coast, though this could not beconfirmed.
At least two other cargoes are also due to be shipped fromSouth Korea and Taiwan, including one by BP, they added.
When the arbitrage economics are not profitable, typicallyonly 1 or 2 vessels are shipped on that route, traders said.
Shipments could slow once the firm demand starts driving upjet fuel prices in Asia, a Singapore-based jet fuel trader said.
"(Arbitrage economics) are well workable if you have cargoon the water, so it's more for the prompt dates," he said.
"If you buy the oil now and ship to the U.S. , by the timethe cargo arrives in the U.S., the arbitrage might shut."
Still, with demand for jet fuel weak in Asia and supplyample with refineries largely back from maintenance, it might bea matter of which trade flow loses the least money, a secondtrader said. (Reporting by Jessica Jaganathan; Editing by Biju Dwarakanath)
