Singapore Diesel Nears $300 per Barrel Breaking point as BOGO Collapses
The distillate market is now in full repricing mode, and Asia is clearly leading. Singapore 10ppm gasoil is approaching $300 per barrel, with latest indications near $288.68/bbl. On the paper side, ICE gasoil is trading at $1,516/mt front month, with May at $1,344/mt, June $1,170/mt and July $1,035/mt. The Apr/Jul spread is now around $481/mt and Apr/Dec close to $690/mt. This level of backwardation is extreme and reflects immediate scarcity of middle distillates rather than forward expectations.
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