Asia's fuel oil market softens as diesel crack falls to three-week low
智通财经2026/08/26 13:01Show original
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- The Asian fuel oil market was weak on Wednesday, with the backwardation of near-month contracts for both high-sulfur and ultra-low sulfur fuel oil narrowing. Cracking spreads were flat or slightly softer compared to the previous day. Ultra-low sulfur fuel oil cracks remained at about a $18.85 per barrel premium, while high-sulfur fuel oil cracks fell to about a $0.60 per barrel discount.
- Spot tender activity in the region continued. India's MRPL tendered for 30,000 tons of low sulfur fuel oil with loading dates set for September 25-26.
- Asian diesel market losses widened, with crack margins declining for a third consecutive day to about $62 per barrel, hitting a three-week low. The September-October time spread fell back to a one-and-a-half month low, and the East-West price differential remained at about a $110 per ton discount.
- For jet fuel, most of the remaining September cargo spot trades have been completed, with transaction prices roughly in line with the Singapore FOB price. The jet fuel-to-diesel discount narrowed to about $4.7 per barrel, reflecting weak sentiment in diesel market trading, and there were no deals for either diesel or jet fuel in the Singapore spot market.
- Naphtha base prices fell along with crude, but strong cracking demand pushed refinery margins up to $162.45 per ton. Japan's ENEOS bought early October cargoes at a $10-$15 premium over the Platts average. QatarEnergy issued a spot tender for light and full-range naphtha, FOB Ras Laffan port, with shipment dates in early September.
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