Week 15 Pricing Analyst Update – Carrie Ho – APAC – Gasoil
‘- Singapore 10ppm gasoil cash differentials slumped $24.98/bl to $37.98/bl.
– Gasoil weakened more sharply than jet, moving Singapore regrade back into positive territory.
– Additional spot availability from Europe and the US early in the week weighed on gasoil prices.
– Traders blamed heavier pressure on gasoil premiums on higher recent volatility due to poorer visibility on regional supply.
– Limited flows from the AG, China and regional run cuts are still limiting spot flows and adding uncertainty to forward supply balances.
– Geopolitical swings around Trump’s ceasefire with Iran and Hormuz reopening kept participants cautious; any renewed disruption to Hormuz or the Red Sea could trigger a sharp rebound in gasoil flat prices and differentials, traders warned.
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