Asia Distillates-Diesel cash diffs surge to record; regrade and jet fuel margins ease

Mangalore Refinery and Petrochemicals

05/03/2026 11:11

SINGAPORE, March 5 (Reuters) - Asia's diesel markets were barren of physical window deals for a fourth session this week, though the backwardation structure remained firm on Thursday and cash differentials hit a record.

The lack of April refiner spot sales continued, in line with earlier expectations, as refiners still mulled their near-term run rates.

Some refiners continued wanting to buy back their March loading cargoes, traders said, though further details could not be confirmed.

Refining margins GO10SGCKMc1 eased slightly to around $43 a barrel on some profit-taking activities and slowing ICE gasoil gains, after surging the past three sessions.

The 10ppm sulphur gasoil cash differentials GO10-SIN-DIF closed the trading session at $20.5 a barrel, a fresh high.

The surge in jet fuel markets from the previous trading session slowed, with regrade JETREG10SGMc1 easing back to around $30 a barrel, half of yesterday's level.

SINGAPORE CASH DEALS O/AS

- No deal for gasoil or jet fuel.

INVENTORIES

- Singapore's middle distillates stocks bounced back from the previous week as exports of jet fuel declined despite a rise in diesel exports, government data showed on Thursday. O/SING1

- U.S. crude stocks rose to their highest level since May 2025 last week, the Energy Information Administration said on Wednesday, as exports and imports declined. EIA/S

REFINERY NEWS REF/OUT

- India's Mangalore Refinery and Petrochemicals MRPL.NS has shut a crude unit and some secondary units at its 300,000-barrel-per-day refinery due to an oil shortage, three sources with knowledge of the matter said on Thursday.

NEWS

- Asian refining margins have surged to their highest since 2022 as Iranian threats to shipping through the Strait of Hormuz have disrupted crude oil flows and forced refineries to cut runs, according to data and analysts.

- Nigeria's Dangote oil refinery has issued tenders to sell gasoil and jet fuel in March, a trade source said, citing a tender document summary.

- Exxon Mobil is set to ship at least 300,000 barrels of gasoline from the U.S. Gulf Coast to cover its own import requirements in Australia, the first such shipments by the oil major, said four sources with knowledge of the matter.

- China has asked companies to suspend signing new contracts to export refined fuel and try to cancel shipments already committed, as a widening Middle East conflict curbed refinery output, several industry and trade sources with knowledge of the matter said on Thursday.

- Oil prices rose on Thursday, extending a rally as the escalating U.S.-Israeli war against Iran continued to disrupt supplies, prompting some major producers to cut production and others to take measures to ensure supply security. O/R

PRICES

MIDDLE DISTILLATES
CASH ($/BBL)
ASIA CLOSE
Change
Prev Close
RIC
Spot Gas Oil 0.25%
139.83
2.38
137.45
GO25-SIN
GO 0.25 Diff
6.42
2.20
4.22
GO25-SIN-DIF
Spot Gas Oil 0.05%
140.48
2.38
138.10
GO005-SIN
GO 0.05 Diff
7.07
2.20
4.87
GO005-SIN-DIF
Spot Gas Oil 0.001%
153.58
9.96
143.62
GO10-SIN
GO 0.001 Diff
20.17
9.78
10.39
GO10-SIN-DIF
Spot Jet/Kero
194.60
-30.85
225.44
JET-SIN
Jet/Kero Diff
14.57
2.44
12.13
JET-SIN-DIF
For a list of derivatives prices, including margins, please double click the RICs below.
Brent M1
BRENTSGMc1
Gasoil M1
GOSGSWMc1
Gasoil M1/M2
GOSGSPDMc1
Gasoil M2
GOSGSWMc2
Regrade M1
JETREGSGMc1
Regrade M2
JETREGSGMc2
Jet M1
JETSGSWMc1
Jet M1/M2
JETSGSPDMc1
Jet M2
JETSGSWMc2
Gasoil 500ppm-Dubai Cracks M1
GOSGCKMc1
Gasoil 500ppm-Dubai Cracks M2
GOSGCKMc2
Jet Cracks M1
JETSGCKMc1
Jet Cracks M2
JETSGCKMc2
East-West M1
LGOAEFSMc1
East-West M2
LGOAEFSMc2
LGO M1
LGOAMc1
LGO M1/M2
LGOASPDMc1
LGO M2
LGOAMc2
Crack LGO-Brent M1
LGOACKMc1
Crack LGO-Brent M2
LGOACKMc2


(Reporting by Trixie Yap; Editing by Jonathan Ananda)

((trixie.yap@thomsonreuters.com;))