Asia Middle Distillates — Pricing Analyst Update, 20–24 Jul

• Singapore jet flat price: +$11.62/bl w/w to $159.77/bl (22 Jul)
• Cash differential: –$1.08/bl w/w to $2.43/bl
• Regrade: –$5.19/bl w/w to –$3.82/bl
• Demand is firm overall, but August pricing is capped by a strengthening east-west spread, steady Korean supply, and higher-than-expected Chinese jet volumes after Beijing lifted its export restriction for July.
• Jet fuel is more exposed to rising flat prices than gasoil, reflecting aviation fuel’s greater demand elasticity versus diesel.

• Singapore 10ppm flat price: +$16.81/bl w/w to $163.59/bl (22 Jul)
• Cash differential: +$2.18/bl w/w to $5.48/bl
• Physical premiums are rising in Asia but lagging paper gains.
• Asia’s reaction to the Hormuz disruption is more muted versus March, having since built alternative sourcing and avoided panic-buying.
• Korean and Japanese refiners are supplying ample volume to capture strong cracks.
• Total Chinese product exports for the month may top the initial ~2 million-tonne estimate, traders said, but most of the additional gasoil is diverted toward LATAM as Asian July buying cycle is largely completed.
• Traders: Going forward, the trajectory for both gasoil and jet fuel hinges on whether Asian refiners can keep securing enough crude to sustain run rates.

About the Author
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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