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2025-10-30 21:57:00
[Gasoline Crack Spread Nears 19-Month Peak, Diesel Remains Unchanged at High Levels] ⑴ The Asian gasoline crack spread continued to rise to $15.65/barrel on Thursday, a new high since March 2024, up $0.52 from the previous day, with a cumulative increase of over 40% this month, mainly driven by refinery shutdowns and a sharp drop in Singapore inventories. ⑵ A gasoline window transaction was recorded in the spot market. Institutional tracking shows that Singapore's onshore inventories have fallen to a near five-year low for the same period, about 18% lower than the average of the past five years, with tight supply continuing to amplify the crack premium. ⑶ The diesel crack spread (10ppm) closed at $25.75/barrel, continuing to hover at recent highs; the November-December cross-month spread widened significantly after sharp intraday fluctuations, with tight spot supply supporting a simultaneous rise in spot premiums. ⑷ The November jet fuel/diesel spread widened to a discount of $1.25, the widest in three weeks, indicating that diesel's strength relative to jet fuel remains unabated. Window transactions were zero for the second consecutive day, with traders holding back in anticipation of price increases. (5) Regarding fuel oil, 380-cst high-sulfur cracked oil remains at a discount of $4.95, while ultra-low sulfur oil has rebounded to a premium of over $6. The futures premium structure encourages stockpiling, but high inventory levels limit upside potential. With no transactions occurring in the window for several consecutive days, the market is expected to remain range-bound in the short term.
