Diesel remains strong at the end of the month despite market headwinds, while naphtha plunges from high levels and fuel oil lacks trading activity.

汇通财经2026/04/27 13:35

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On Monday, the Asian diesel market was supported by stronger futures swap contracts, with crack spreads continuing to rise to a three-week high of $62.4 per barrel. However, as the end of the month approaches, trading was subdued, with the physical price spread edging up slightly to $15.7 per barrel. The contango between May and June widened further, while there was a lack of window trades.
In jet fuel, Thai refiners are seeking to resume exports as soon as possible due to high domestic inventories. The jet fuel/diesel spread rebounded to a premium of more than $10 per barrel, indicating a robust aviation fuel market.
The naphtha crack spread dropped by about $15 to a Brent premium of $294.25 per ton, while prices in the first half of June fell around $3 to $1,107.25 per ton, reflecting a steep negative spread of $103 per ton. Traders noted downstream demand remained weak, but ongoing uncertainty around Middle Eastern supply continued to support prices near multi-year highs.
The gasoline crack spread was supported at around $18 per barrel by active trading on the Singapore Exchange, with four gasoline deals concluded in the physical market.
Asian fuel oil physical premiums were little changed on Monday due to a lack of transactions in the Singapore trading window. Both high sulfur and ultra-low sulfur fuel oil nearby contracts maintained stable backwardation. Crack spreads were mixed: high sulfur 380-cst fuel oil rose to a premium of about $0.44, while ultra-low sulfur fuel oil fell by $0.28 to $10.54 per barrel. No trades were concluded for any of the three key fuel oil grades in the window trading session.

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Diesel remains strong at the end of the month despite market headwinds, while naphtha plunges from high levels and fuel oil lacks trading activity.

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