Asia Gasoline & Middle Distillates – Pricing Analyst Update (17–24 Sep)

• Singapore physical gasoline and middle distillates premia swung sharply throughout the week, as shifting geopolitical headlines and rumours over China’s October clean product export plans whipsawed sentiment.
• Firmer freight rates also weighed on regional clean product premia.
• Saudi Aramco’s restart of its East-West pipeline (“Petroline”) operations (though not tanker loadings yet) this week eased crude prices and fears over Asian refiners’ feedstock access, prompting diesel and gasoline premia to pare gains.
• Concerns over tight global distillate supply still lifted the Singapore jet fuel flat price $7.12/bbl w-o-w to $173.60/bbl on 24 Sep; cash differentials climbed $2.11/bbl to $1.48/bbl.
• Pertamina’s buy tender for roughly 1.2 mil bbl of jet fuel also supported premia.
• Gasoil lagged jet as Asian refiners offered more gasoil than jet cargoes over the week, helping Singapore regrade to find somewhat of a floor; moving from $5.69/bbl to -$5.32/bbl.
• In Northeast Asia, ULSD and jet premia retreated sharply from the highs of the past two weeks, as South Korean refiners kept offering regular distillate volumes.
• Chinese refiners were also heard offering prompter 1H October cargoes, reinforcing (still unconfirmed) views that China will export similar clean product volumes in October as in September.
• The Singapore 92 RON gasoline flat price slipped $1.88/bbl w-o-w to $141.61/bbl on 24 Sep, while cash differentials eased $0.27/bbl to $10.95/bbl on expectations that Yanbu mogas loadings will resume soon, and as demand wanes after the northern hemisphere summer.
• Steep Oct/Nov backwardation crimped premia, as some buyers sought to offset a higher October pricing basis against the weaker November basis they will sell into.

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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