Diesel Tightness Turns Physical as Hormuz Flows Missing and Feedstock Spreads Explode
- Henri Bardon
- 4 days ago
- 4 min read
The distillate complex continues to tighten and the only metric that matters is the curve. ICE gasoil May/Dec is at $333.25/mt, up $17.75 on the day, while May/Jul is $153.00/mt and May/Nov $180.25/mt. This remains an extreme backwardation structure and signals immediate scarcity of diesel. Asia confirms the same dynamic with Singapore 10ppm at $177.39/bbl, up $3.50, and Middle East Gulf 10ppm at $172.22/bbl, up $3.50. These flat prices are elevated, but they are reacting to the structure rather than leading it.
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