The backwardation in Asian fuel oil has eased, naphtha remains firm above $200, and diesel crack spreads are gradually recovering.
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- The structure of the Asian fuel oil market softened on Tuesday, as the recent backwardation widened. The spot premium for ultra-low sulfur fuel oil remained around $45 per ton, while the 380-cst high sulfur fuel oil premium fell slightly due to the weaker backwardation but stayed above $21.
- According to institutional data, the near-month price spread between high and low sulfur fuels continued to stay at a relatively high level above $100 per ton. No transactions were concluded in the spot window for either high sulfur or ultra-low sulfur fuel oil, resulting in thin market activity.
- The naphtha crack spread held steady at a premium of around $202 per barrel over Brent crude. The backwardation between early July and early August narrowed for a second consecutive session to $48 per ton. However, concerns over July cargoes persist against the backdrop of heightened tensions in the Gulf region.
- From a trading sentiment perspective, the diesel market saw light trading for a second straight day, but spot sales for June began to reappear. The 10ppm diesel crack spread rose to just over $54 per barrel. The jet fuel-diesel price differential held at a premium of about $1 per barrel. The slight retreat in spot premiums is consistent with the softening market structure in June and July, indicating that short-term contract pressure continues to accumulate.
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