Live Updates > Live Update Details
2026-04-17 19:17:55
[Asian oil product crack spreads diverge further, jet fuel premiums surge while diesel premiums hit lows] ⑴ Asian diesel spot premiums fell to their lowest level in a month and a half on Friday, with the spot spread dropping to just below $20 per barrel. The market anticipates more May spot offers entering the market, but traders point out that given the previous shortage of crude oil supply, it remains uncertain whether the actual amount available for sale in May will surpass that of April. ⑵ The jet fuel-diesel price spread widened further, with the premium hitting a one-month high of $23.5 per barrel. Trading activity showed that jet fuel buying interest remained strong, while uncertainty about the pace of supply recovery continued to support the spot premium structure. Market rumors suggest that May spot negotiations are focused on a $20 per barrel premium. ⑶ Naphtha prices followed Brent crude upwards, but crack spreads fell back to a one-week low of around $295 per tonne. Gasoline crack spreads remained stable at just below $23 per barrel. One gasoline deal was completed in the trading window, while no naphtha transactions occurred. ⑷ The fuel oil market saw a significant decline this week. Ultra-low sulfur fuel oil crack spread closed at approximately $10.25 per barrel, down nearly 30% from the previous week; 380-cst high-sulfur fuel oil crack spread closed at $2.45 per barrel, a weekly decline of approximately 5%. Ample supply in near-month contracts led to a narrowing of previous gains in both types of fuel oil, with ultra-low sulfur fuel oil experiencing a larger decline, pushing the Hi-5 spread to narrow by at least 30% compared to the previous week, closing near $50 per ton on Friday. Market participants are closely watching the policy moves of major exporting countries in May. Changes in export adjustment measures under pressure on domestic refining margins will directly impact the regional refined oil supply curve. Currently, overall Asian refining margins are trading slightly below $54 per barrel, down at least $8 from a week ago.
