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Higher Freight Forcing Asian Gasoil/Jet Cargo Prices Lower

OIL PRODUCTS

Asian refiners are selling February loading gasoil/jet fuel cargoes at their deepest discounts in at least two months due to surging freight rates driven by Red Sea disruption according to Reuters sources.

  • Chinese and South Korean refiners sold February gasoil and jet fuel cargoes at discounts of $1.40-$1.80/bbl to Singapore quotes this week vs premiums of up to $1/bbl a week ago.
  • Freight costs for an MR tanker for clean products between South Korea and Singapore jumped by more than $200,000 over the past three days to $1.15 million after holding steady last week according to SSY Tankers.
  • Buyers are left with a smaller pool of MR’s in the region because of the Red Sea disruptions according to a Reuters source.
  • Spot discounts for gasoil and jet fuel exports from India and Middle East have also widened to more than $1 a barrel this week, from 20-30 cents a barrel in the past two weeks, its sources added.
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