Asia's fuel oil market softens as diesel crack falls to three-week low

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智通财经2026/08/26 13:01

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The Asian fuel oil market was weak on Wednesday, with the backwardation of near-month contracts for both high-sulfur and ultra-low sulfur fuel oil narrowing. Cracking spreads were flat or slightly softer compared to the previous day. Ultra-low sulfur fuel oil cracks remained at about a $18.85 per barrel premium, while high-sulfur fuel oil cracks fell to about a $0.60 per barrel discount.
Spot tender activity in the region continued. India's MRPL tendered for 30,000 tons of low sulfur fuel oil with loading dates set for September 25-26.
Asian diesel market losses widened, with crack margins declining for a third consecutive day to about $62 per barrel, hitting a three-week low. The September-October time spread fell back to a one-and-a-half month low, and the East-West price differential remained at about a $110 per ton discount.
For jet fuel, most of the remaining September cargo spot trades have been completed, with transaction prices roughly in line with the Singapore FOB price. The jet fuel-to-diesel discount narrowed to about $4.7 per barrel, reflecting weak sentiment in diesel market trading, and there were no deals for either diesel or jet fuel in the Singapore spot market.
Naphtha base prices fell along with crude, but strong cracking demand pushed refinery margins up to $162.45 per ton. Japan's ENEOS bought early October cargoes at a $10-$15 premium over the Platts average. QatarEnergy issued a spot tender for light and full-range naphtha, FOB Ras Laffan port, with shipment dates in early September.

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Asia's fuel oil market softens as diesel crack falls to three-week low

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