Live Updates > Live Update Details
2026-05-26 21:14:45
[US-Iran Situation Sees New Uncertainties, Diesel and Jet Fuel Rebound, Fuel Oil Remains Stable Overall] ⑴ The Asian fuel oil market remained generally stable on Tuesday. The premium for ultra-low sulfur fuel oil remained above $40 per tonne, while the premium for 380-cst high-sulfur fuel oil declined slightly due to some competitive spot loading offers. ⑵ Fuel oil crack spreads widened. The ultra-low sulfur fuel oil crack spread closed at a premium of over $18 per barrel, and the 380-cst high-sulfur fuel oil crack spread rose to a premium of over $1 per barrel. Two ultra-low sulfur fuel oil trades were completed in the Singapore trading window. ⑶ The diesel and jet fuel markets rebounded on Tuesday as uncertainty surrounding a potential peace agreement between the US and Iran intensified. Spot trading remained relatively quiet overall. ⑷ After weakening in the previous trading day, the diesel crack spread rebounded to over $48 per barrel on Tuesday. The cross-month backwardation for both diesel and jet fuel widened, with the jet fuel discount to diesel deepening to $2.05 per barrel. (5) Naphtha crack spreads remained largely unchanged after two consecutive days of sharp declines. The naphtha-Brent crude crack spread was around $74 per ton, compared to around $80 the previous day. Spot trading remained thin, with no naphtha or gasoline transactions concluded.
