+500/mt Gasoil Backwardation Exposes the Limits of Soyoil Demand

Energy markets continue to price extreme tightness across the curve. Apr/Dec ICE gasoil backwardation is now approaching +500/mt, confirming that the system is not only short prompt barrels but structurally tight forward. In the physical market, Asian 10ppm diesel cash differentials are near $43/bl with outright values around $220/bl, while refining margins are holding close to $60 to $65/bl. Naphtha cracks are above $400/mt with front spreads near $120/mt backwardation. Across the barrel, the signal remains consistent, prompt and forward supply is tight and increasingly priced as such.