The divergence of Asian oil product crack spreads widens, with jet fuel premiums surging while diesel spreads hit lows.

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汇通财经2026/04/17 11:20

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Asia's diesel spot premium fell on Friday to its lowest in one and a half months, with the spot price spread slipping to just below $20 per barrel. The market expects more May spot quotations to enter soon, but traders point out that, given the previous backdrop of crude oil supply shortages, it remains uncertain whether the actual available sales volume in May can surpass that of April.
The jet fuel-diesel price spread widened further, with the premium reaching a one-month high of $23.5 per barrel. Trading windows show strong buying interest for jet fuel, while the uncertainty in supply recovery continues to support the spot premium structure. Market rumors suggest May spot negotiations are centered around a $20 per barrel premium.
Naphtha prices followed Brent crude upwards, but the cracking spread retreated to a one-week low of about $295 per ton. The gasoline crack spread remained stable at just below $23 per barrel. There was one gasoline deal concluded in the trading window, while naphtha saw no transactions.
The fuel oil market saw a significant decline this week. The very low sulfur fuel oil (VLSFO) crack spread closed at around $10.25 per barrel, nearly 30% lower than the previous week. The 380-cst high sulfur fuel oil (HSFO) crack spread closed at $2.45 per barrel, down by about 5% week-on-week. Ample supply in the front-month contracts caused earlier gains in both fuel oil types to narrow, with VLSFO posting a larger decline and driving the hi-5 spread to narrow by at least 30% from last week, closing on Friday at nearly $50 per ton.
Market participants are closely monitoring May policy signals from major exporting countries, as changes in domestic export adjustment measures amid pressured refining profit margins will directly influence the regional refined oil product supply curve. Overall refining profit margins in Asia are currently trading at just below $54 per barrel, having retreated by at least $8 from a week ago.

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The divergence of Asian oil product crack spreads widens, with jet fuel premiums surging while diesel spreads hit lows.

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