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2025-10-30 18:43:09
[Diesel premium surges to $25.75, Singapore inventories hit 13-week low] ⑴ Data shows that on Thursday, the 10ppm diesel crack spread held above $25.75/barrel at the Asian close, with tight near-month supply widening the backwardation again. ⑵ Singapore middle distillate inventories fell to 8.52 million barrels, a 13-week low, due to increased net exports and tightening regional spot supply. ⑶ The U.S. Energy Information Administration simultaneously reported that U.S. distillate inventories unexpectedly fell by 3.36 million barrels to 112.2 million barrels, far exceeding the expected decrease of 1.74 million barrels. ⑷ Jet kerosene spreads also strengthened, but the magnitude was moderate, with the diesel-to-jet kerosene regrade widening to -1.25 cents/barrel, highlighting the strength of diesel. ⑸ There were no transactions in the spot market, with traders adopting a wait-and-see attitude. High crack spreads may stimulate refineries to increase operating rates, increasing short-term volatility risk.
