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Asia and Middle Eastern Gasoil Daily Market Analysis / US-Iran tensions boost Asian gasoil prices / Singapore gasoil M1/M2 swap timespread widens to $7.27/b / backwardation reflected a stronger market, as brokers pegged the front-month August- / September Singapore gasoil swaps time spread — an indicator of the near-term market / outlook — at $7.27/ barrel in midafternoon Asian trading July 20, widening compared to / day over day. Favorable West-bound arbitrage economics was heard supporting trading / Brokers pegged the front-month August gasoil EFS — the spread between Singapore 10 ppm / $96.72/metric ton in midafternoon trading July 20, narrower from minus $104.18/mt at July / unchanged on the day, against MOPAG gasoil assessments. “East-West has been extremely / Asia and Middle Eastern Gasoil Cargo Daily Rationale & Exclusions / Gasoil .001%S (10ppm) FOB Spore Cargo <AAOVC00> assessment rationale: The benchmark / FOB Singapore Gasoil 0.001% (10 ppm) cargo assessment July 20 was based on the following / input: an offer a cargo loading Aug. 4-8 at Mean of Singapore plus $2.49/barrel after / normalizing for deemed pricing. The front, middle and back loading windows were assessed / at MOPS plus $2.44/b, plus $3.40/b and plus $3.64/b, respectively. Gasoil .05%S (500ppm) / FOB Spore Cargo <AAFEX00> assessment rationale: The FOB Singapore Gasoil 0.05% (500 / ppm) cargo assessment July 20 was assessed at MOPS gasoil plus $2.22/b, down 11 cents/b / from intraday notional, based on the movement in the FOB Singapore Gasoil 0.001% (10 ppm) / cargo assessment. Gasoil FOB Spore Cargo <POABC00> assessment rationale: The benchmark / FOB Singapore Gasoil 0.001% (10 ppm) cargo assessment July 20 was based on the following / pricing. The front, middle and back loading windows were assessed at MOPS plus $2.44/b, / plus $3.40/b and plus $3.64/b respectively. Exclusions: No market data was excluded from / FOB Fujairah Gasoil Daily Rationale & Exclusions / Gasoil FOB Fujairah cargo <AFUJK00> assessment rationale: The FOB Fujairah Gasoil / assessment on July 20 was assessed at a premium of $10.50/b to the MOPAG gasoil / assessment, taking into consideration prices in the FOB Fujairah gasoil market as well as / $138.94/b. Gasoil 500 ppm FOB Fujairah cargo <AFUJN00> assessment rationale: The FOB / Fujairah 500 ppm Gasoil assessment on July 20 was assessed at a premium of $5.00/b to the

Asia and Middle Eastern Gasoil Daily Market Analysis / US-Iran tensions boost Asian gasoil prices / Singapore gasoil M1/M2 swap timespread widens to $7.27/b / backwardation reflected a stronger market, as brokers pegged the front-month August- / September Singapore gasoil swaps time spread — an indicator of the near-term market / outlook — at $7.27/ barrel in midafternoon Asian trading July 20, widening compared to / day over day. Favorable West-bound arbitrage economics was heard supporting trading / Brokers pegged the front-month August gasoil EFS — the spread between Singapore 10 ppm / $96.72/metric ton in midafternoon trading July 20, narrower from minus $104.18/mt at July / unchanged on the day, against MOPAG gasoil assessments. “East-West has been extremely / Asia and Middle Eastern Gasoil Cargo Daily Rationale & Exclusions / Gasoil .001%S (10ppm) FOB Spore Cargo <AAOVC00> assessment rationale: The benchmark / FOB Singapore Gasoil 0.001% (10 ppm) cargo assessment July 20 was based on the following / input: an offer a cargo loading Aug. 4-8 at Mean of Singapore plus $2.49/barrel after / normalizing for deemed pricing. The front, middle and back loading windows were assessed / at MOPS plus $2.44/b, plus $3.40/b and plus $3.64/b, respectively. Gasoil .05%S (500ppm) / FOB Spore Cargo <AAFEX00> assessment rationale: The FOB Singapore Gasoil 0.05% (500 / ppm) cargo assessment July 20 was assessed at MOPS gasoil plus $2.22/b, down 11 cents/b / from intraday notional, based on the movement in the FOB Singapore Gasoil 0.001% (10 ppm) / cargo assessment. Gasoil FOB Spore Cargo <POABC00> assessment rationale: The benchmark / FOB Singapore Gasoil 0.001% (10 ppm) cargo assessment July 20 was based on the following / pricing. The front, middle and back loading windows were assessed at MOPS plus $2.44/b, / plus $3.40/b and plus $3.64/b respectively. Exclusions: No market data was excluded from / FOB Fujairah Gasoil Daily Rationale & Exclusions / Gasoil FOB Fujairah cargo <AFUJK00> assessment rationale: The FOB Fujairah Gasoil / assessment on July 20 was assessed at a premium of $10.50/b to the MOPAG gasoil / assessment, taking into consideration prices in the FOB Fujairah gasoil market as well as / $138.94/b. Gasoil 500 ppm FOB Fujairah cargo <AFUJN00> assessment rationale: The FOB / Fujairah 500 ppm Gasoil assessment on July 20 was assessed at a premium of $5.00/b to the

Jul 21, 2026

Asia’s ultra-low sulfur gasoil started the week on a firm note July 20, as renewed US-Iran tensions supported market sentiment. Stable supply was expected for August-loading barrels, though market participants will keep a close watch on other North Asian countries, which may follow suit after Japanese refiners’ move to restrict gasoil exports last week. A wider paper $7.09/b at the 0830 GMT July 17 Asian close. Asia’s gasoil complex had tracked the strength in Europe, and benchmark cash differential for FOB Singapore 10 parts per million sulfur gasoil rose 49 cents/b day over day to $3.30/b on July 17. The benchmark cash differential for FOB Singapore 10 parts per million sulfur gasoil was last assessed at $1.31/b July 6, down 3 cents/b sentiment for 10 parts per million sulfur gasoil...

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