Asia Fuel Oil – Pricing Analyst Update – 20-24 July

• Cash differentials for Asia 380cst HSFO averaged around $9.50/mt over July 20-22, up from the prior week’s premium of around $3.50/mt. Asia 180cst HSFO cash differentials followed a similar trend, averaging around $11.50/mt over the same period, from a premium of $3.90/mt the prior week.
• Asia 380cst HSFO outright prices averaged just under $555/mt over July 20-22, while Asia 180cst HSFO outright prices averaged around $565/mt over the same period, both climbing from the prior week’s averages of $506.15/mt and $512.35/mt respectively.
• Cash differentials for Asia LSFO averaged around $29.80/mt over July 20-22, up from the prior week’s average of $24.15/mt. Outright prices averaged around $725/mt over the same period, climbing by approximately $41/mt from the prior week.
• The 380cst and 500cst ex-wharf prices averaged around $568/mt and $565/mt respectively over July 20-22, up from the prior week’s averages of $518/mt and $515/mt.
• Fundamentals extended their climb: LSFO gained further as the war kept AG flows curbed, with tightness seen persisting even as NWE and Brazil arb shipments replenish some drawn-down stocks, while HSFO firmed on dwindling supply, though easing seasonal power-generation demand and sluggish refiner feedstock buying capped steeper spikes, market sources said.
• The driver was further escalation: the US completed an 11th round of strikes on Iran and Tehran again hit US targets in the AG, while Trump vowed to destroy an Iranian bridge or power plant for every ship struck in Hormuz, and the closure of Bab al-Mandeb added a second chokepoint alongside Hormuz. Brent surged past $90/bbl and MR Singapore-Japan freight climbed to around $30/mt, keeping war-risk premiums high and volatility elevated.

About the Author
Alex Theo is a commodity price reporter and pricing analyst with over a decade of experience covering oil markets across the Asia-Pacific region. His expertise spans the full oil barrel – heavy distillates, middle distillates, and light distillates – as well as iron ore markets across APAC. Alex now leads the pricing analyst team at Sparta, working alongside Commodity Owners to deliver independent, unbrokered commodity price assessments across key benchmarks.
Connect: LinkedIn

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