Asia Cross Barrel – Pricing Analyst Update (31 Aug–04 Sep)

• Singapore jet flat price: up $9.61/bl w/w to $159.58/bl (03 Sep); cash differential: up $0.85/bl w/w to $0.84/bl.
• Regrade: up $0.37/bl w/w to –$7.97/bl.
• Singapore 10ppm gasoil flat price: up $16.28/bl w/w to $167.55/bl (03 Sep); cash differential: up $0.74/bl w/w to $4.52/bl.
• Singapore 92 RON flat price: up $11.76/bl w/w to $123.96/bl (03 Sep); cash differential: up $0.10/bl w/w to $5.00/bl.
• Singapore gasoline and middle distillates strengthened on tight global fundamentals: restricted Middle East flows tied to the US-Iran war, reduced Russian refining capacity from Ukrainian drone strikes, low global stocks and open export arbs.
• Near-term FOB Northeast Asia cargoes stayed volatile, with fresh Chinese September-loading parcels pressuring premia at times.
• In gasoline, China 92 RON oxy-gasoline premia for late-September/early-October loading were quoted in a wide $4–8/bl CFR Straits range. Levels swung through the week — Chinese supply weighed on prices at times, while renewed buying from Pertamina and PMI, plus reports of lower Chinese September planned export volumes, supported values at other times.
• In middle distillates, FOB Northeast Asia premia for prompt September cargoes eased as more Chinese offers emerged, despite the broader market strength. Focus now turns to the October buying cycle for price direction on non-prompt cargoes.

About the Author
Carrie Ho | Senior Pricing Analyst, Sparta Commodities
Carrie Ho, Senior Pricing Analyst at Sparta, brings nearly 15 years of experience across global energy and metals markets, with a particular focus on oil and LNG benchmarks. Before joining Sparta, Carrie was Associate Journalism Director at OPIS by Dow Jones, where she led energy and commodities coverage and honed her understanding of how political and economic forces drive market structure and price dynamics. She now applies this expertise to Sparta’s pricing assessments, helping clients navigate increasingly complex physical and derivatives markets.
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