Jet Fuel Breaks First as Quarter-End Flows Distort the Barrel
Singapore diesel remains the anchor and continues to signal tightness. 10ppm gasoil is still at $238.23/bbl with cash differentials at $57.47/bbl, while jet sits at $218.14/bbl despite a sharp drop on the day. East west spreads remain near $70/mt. The physical distillate system remains tight. Jet fuel is now the clearest stress point. Even after today’s correction, Singapore jet at $218/bbl remains historically elevated, and European jet cargo values have recently pushed into the $1,500–1,800/mt range. Reports across multiple regions point to tightening availability, with some airports holding less than 20 days of supply and contingency routing already underway. Indonesia has introduced rationing measures and long-haul supply routes into Australia are already being flagged as unsustainable beyond April. This is a global constraint on middle distillates.
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